Suppose that Sam and Teresa are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price (Dollars per slice) Sam's Quantity Demanded Teresa's Quantity Demanded (Slices) (Slices) 1 40 80 2 25 60 3 15 40 4 5 30 5 0 20 20 On the following graph, plot Sam's demand for pizza slices using the green points (triangle symbol). Next, plot Teresa's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). PRICE (Dollars per slice) 6 5 4 3 2 0 0 20 20 40 60 80 100 120 QUANTITY (Slices) Sam's Demand Teresa's Demand Market Demand ?
Suppose that Sam and Teresa are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price (Dollars per slice) Sam's Quantity Demanded Teresa's Quantity Demanded (Slices) (Slices) 1 40 80 2 25 60 3 15 40 4 5 30 5 0 20 20 On the following graph, plot Sam's demand for pizza slices using the green points (triangle symbol). Next, plot Teresa's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). PRICE (Dollars per slice) 6 5 4 3 2 0 0 20 20 40 60 80 100 120 QUANTITY (Slices) Sam's Demand Teresa's Demand Market Demand ?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose that Sam and Teresa are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules:
Price
(Dollars per slice)
Sam's Quantity Demanded
Teresa's Quantity Demanded
(Slices)
(Slices)
1
40
80
2
25
60
3
15
40
4
5
30
5
0
20
20
On the following graph, plot Sam's demand for pizza slices using the green points (triangle symbol). Next, plot Teresa's demand for pizza slices using
the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol).
PRICE (Dollars per slice)
6
5
4
3
2
0
0
20
20
40
60
80
100
120
QUANTITY (Slices)
Sam's Demand
Teresa's Demand
Market Demand
?
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