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The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table. a. On the first graph, move the points to plot an individual demand curve for each person. b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided.

The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table. a. On the first graph, move the points to plot an individual demand curve for each person. b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Demand: Thinking Like a Buyer — End of Chapter Problem

The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table.

a. On the first graph, move the points to plot an individual demand curve for each person.

b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided.

Ang's Tony's Gianna's marginal marginal marginal Demand: Thinking Like a Buyer – End of Chapter Gallons consumed Problem per week The marginal benefit received for each gallon of gasoline benefit benefit benefit consumed per week for Ang, Tony, and Gianna are $7 $4 $8 1 provided in the accompanying table. 2 $5 $3 $6 a. On the first graph, move the points to plot an individual demand curve for each person. $3 $2 $4 $1 $1 $2 b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market 4 demand curve provided to plot the appropriate market demand according to the dataset provided. Individual demand Market demand Ang's demand 12 market demand 12 Tony's demand 11 11 Gianna's demand 10 10 7 7 4 4 3 2 1 1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.0 1.0 2.0 3.0 4.0 5.0 3. 3. Price ($ per gallon) 9, LO 2. Price ($ per gallon)
Transcribed Image Text:Ang's Tony's Gianna's marginal marginal marginal Demand: Thinking Like a Buyer – End of Chapter Gallons consumed Problem per week The marginal benefit received for each gallon of gasoline benefit benefit benefit consumed per week for Ang, Tony, and Gianna are $7 $4 $8 1 provided in the accompanying table. 2 $5 $3 $6 a. On the first graph, move the points to plot an individual demand curve for each person. $3 $2 $4 $1 $1 $2 b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market 4 demand curve provided to plot the appropriate market demand according to the dataset provided. Individual demand Market demand Ang's demand 12 market demand 12 Tony's demand 11 11 Gianna's demand 10 10 7 7 4 4 3 2 1 1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0.0 1.0 2.0 3.0 4.0 5.0 3. 3. Price ($ per gallon) 9, LO 2. Price ($ per gallon)
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