EBK MICROECONOMICS
21st Edition
ISBN: 8220103960151
Author: McConnell
Publisher: YUZU
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Question
Chapter 3, Problem 1P
Subpart (a):
To determine
Market demand.
Given information:
|
| Individual quantity demanded | Total quantity demanded | ||
| ‘T’ | ‘D’ | ‘R | ||
| 8 | 3 | 1 | 0 | - |
| 7 | 8 | 2 | - | 12 |
| 6 | - | 3 | 4 | 19 |
| 5 | 17 | 6 | 27 | |
| 4 | 23 | 5 | 80 | - |
Subpart (a):
Expert Solution
Explanation of Solution
When the price is $8, the total quantity demanded can be calculated as follows:
Thus, the value of the total quantity demanded when the price $8 is 4 units.
When the price is $7, ‘R’ individual quantity demanded can be calculated as follows:
Thus, the value of ‘R’ individual quantity demanded is 2 units.
When the price is $6, ‘T’ individual quantity demanded can be calculated as follows:
Thus, the value of ‘T’ individual quantity demanded is 12.
When the price is $5, ‘D’ individual quantity demanded can be calculated as follows:
Thus, the value of ‘D’ individual quantity demanded is 4.
When the price is $4, the total quantity demanded can be calculated as follows:
Thus, the value of the total quantity demanded is 36.
Economics Concept Introduction
Concept introduction:
Market demand: Market demand refers to the sum of all individual quantities demanded.
Subpart (b):
To determine
Market demand.
Given information:
| Price per candy | Individual quantity demanded | Total quantity demanded | ||
| ‘T’ | ‘D’ | ‘R | ||
| 8 | 3 | 1 | 0 | - |
| 7 | 8 | 2 | - | 12 |
| 6 | - | 3 | 4 | 19 |
| 5 | 17 | 6 | 27 | |
| 4 | 23 | 5 | 80 | - |
Subpart (b):
Expert Solution
Explanation of Solution
When the price per candy is $5, then ‘D’ the least amount of quantity demanded is 4, ‘T’ demand is 17 and ‘R’ demand is 6.
When the price per candy is $7, then ‘T’ the least amount of quantity demand is 8, ‘D’ demand is 2 and ‘R’ demand is 2.
Economics Concept Introduction
Concept introduction:
Market demand: Market demand refers to the sum of all individual quantities demanded.
Subpart (c):
To determine
Market demand.
Given information:
| Price per candy | Individual quantity demanded | Total quantity demanded | ||
| ‘T’ | ‘D’ | ‘R | ||
| 8 | 3 | 1 | 0 | - |
| 7 | 8 | 2 | - | 12 |
| 6 | - | 3 | 4 | 19 |
| 5 | 17 | 6 | 27 | |
| 4 | 23 | 5 | 80 | - |
Subpart (c):
Expert Solution
Explanation of Solution
When the price of candy decreases from $7 to $6, then ‘T’ the demand increases by
Economics Concept Introduction
Concept introduction:
Market demand: Market demand refers to the sum of all individual quantities demanded.
Subpart (d):
To determine
Market demand.
Given information:
| Price per candy | Individual quantity demanded | Total quantity demanded | ||
| ‘T’ | ‘D’ | ‘R | ||
| 8 | 3 | 1 | 0 | - |
| 7 | 8 | 2 | - | 12 |
| 6 | - | 3 | 4 | 19 |
| 5 | 17 | 6 | 27 | |
| 4 | 23 | 5 | 80 | - |
Subpart (d):
Expert Solution
Explanation of Solution
When ‘T’ withdraws from the market, then there is less demand at each price level and it shifts the demand curve to the left.
If ‘D’ doubles his purchase at each price level, then it increases the demand and it shifts the demand curve to the right.
Economics Concept Introduction
Concept introduction:
Market demand: Market demand refers to the sum of all individual quantities demanded.
Subpart (e):
To determine
Market demand.
Given information:
| Price per candy | Individual quantity demanded | Total quantity demanded | ||
| ‘T’ | ‘D’ | ‘R | ||
| 8 | 3 | 1 | 0 | - |
| 7 | 8 | 2 | - | 12 |
| 6 | - | 3 | 4 | 19 |
| 5 | 17 | 6 | 27 | |
| 4 | 23 | 5 | 80 | - |
Subpart (e):
Expert Solution
Explanation of Solution
If the price is fixed at $6 and the total quantity demanded increases from 19 to 38, then it changes the demand that results in the change in price.
Economics Concept Introduction
Concept introduction:
Market demand: Market demand refers to the sum of all individual quantities demanded.
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Chapter 3 Solutions
EBK MICROECONOMICS
Ch. 3.6 - Prob. 1QQCh. 3.6 - Prob. 2QQCh. 3.6 - Prob. 3QQCh. 3.6 - Prob. 4QQCh. 3.A - Prob. 1ADQCh. 3.A - Prob. 2ADQCh. 3.A - Prob. 3ADQCh. 3.A - Prob. 4ADQCh. 3.A - Prob. 5ADQCh. 3.A - Prob. 6ADQ
Ch. 3.A - Prob. 7ADQCh. 3.A - Prob. 1ARQCh. 3.A - Prob. 2ARQCh. 3.A - Prob. 3ARQCh. 3.A - Prob. 4ARQCh. 3.A - Prob. 5ARQCh. 3.A - Prob. 6ARQCh. 3.A - Prob. 1APCh. 3.A - Prob. 2APCh. 3.A - Prob. 3APCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Prob. 6PCh. 3 - Prob. 7P
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