Suppose Jermaine and Tim are the only people in the market.The curve DJ is Jermaine's demand curve and the curve DT is Tim's demand curve.Draw the market demand curve and label it.(If you plot any points to help you draw the curve, you must erase the points beforesubmitting the Problem Set).Price (dollars per bag)6.005.00-4.00-3.00-2.00-1.000.00+0DJ1 2 3 4 5 6 7Quantity (bags per month)8Q6.005.00-4.00-3.00-2.001.000.00+Price (dollars per bag)DT0 1 2 3 4 5 6 7 8 9 10 11 12Quantity (bags per month)6.005.004.00-3.00-2.00-1.00-0.00+0Price (dollars per bag)-~24to6 8 10 12 14 16Quantity (bags per month)18 20QQ The table shows the demand and supply schedules for magazines.QuantitydemandedPrice(dollarsper magazine)357911If the price is $5 a magazine, there is amagazines, so the price of a magazinequantity supplied(magazines per week)1801401006020QuantitysuppliedDraw a demand curve and a supply curve using the numbers in the table (only draw thelines, not the points). Label the curves.Draw a point to show the equilibrium price and equilibrium quantity.60100140180220ofthe quantity demandedThe market moves to equilibrium.A. shortage; rises; decreases; increasesB. shortage; falls; decreases; increasesO C. surplus; falls; increases; decreasesO D. surplus; rises; increases; decreasesand the12-10-8-6-42-04+0Price (dollars per magazine)4016020080 120Quantity (magazines per week)>>> Draw only the objects specified in the question.240QN

Market demand refers to the total demand for a product or service in a market. It is the sum of…

Suppose Jermaine and Tim are the only people in the market. The curve DJ is Jermaine's demand curve and the curve DT is Tim's demand curve. Draw the market demand curve and label it. (If you plot any points to help you draw the curve, you must erase the points before submitting the Problem Set).

Suppose Jermaine and Tim are the only people in the market. The curve DJ is Jermaine's demand curve and the curve DT is Tim's demand curve. Draw the market demand curve and label it. (If you plot any points to help you draw the curve, you must erase the points before submitting the Problem Set).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose Jermaine and Tim are the only people in the market.
The curve DJ is Jermaine's demand curve and the curve DT is Tim's demand curve.
Draw the market demand curve and label it.
(If you plot any points to help you draw the curve, you must erase the points before
submitting the Problem Set).
Price (dollars per bag)
6.00
5.00-
4.00-
3.00-
2.00-
1.00
0.00+
0
DJ
1 2 3 4 5 6 7
Quantity (bags per month)
8
Q
6.00
5.00-
4.00-
3.00-
2.00
1.00
0.00+
Price (dollars per bag)
DT
0 1 2 3 4 5 6 7 8 9 10 11 12
Quantity (bags per month)
6.00
5.00
4.00-
3.00-
2.00-
1.00-
0.00+
0
Price (dollars per bag)
-~
2
4
to
6 8 10 12 14 16
Quantity (bags per month)
18 20
Q
Q

The table shows the demand and supply schedules for magazines.
Quantity
demanded
Price
(dollars
per magazine)
3
5
7
9
11
If the price is $5 a magazine, there is a
magazines, so the price of a magazine
quantity supplied
(magazines per week)
180
140
100
60
20
Quantity
supplied
Draw a demand curve and a supply curve using the numbers in the table (only draw the
lines, not the points). Label the curves.
Draw a point to show the equilibrium price and equilibrium quantity.
60
100
140
180
220
of
the quantity demanded
The market moves to equilibrium.
A. shortage; rises; decreases; increases
B. shortage; falls; decreases; increases
O C. surplus; falls; increases; decreases
O D. surplus; rises; increases; decreases
and the
12-
10-
8-
6-
4
2-
04+
0
Price (dollars per magazine)
40
160
200
80 120
Quantity (magazines per week)
>>> Draw only the objects specified in the question.
240
Q
N

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