You're given the following individual demand tables for comic books.
a. Calculate market demand.
Instructions: Enter your responses in the table below.
Price John. Liz. Alex. DMarket
$2. 10. 18 28
4. 9. 16 24
6 8 14. 20
8. 7. 12. 16
10. 6. 10 12
12. 5. 8 8
14. 4 6 4
16. 3. 4 0
b. If the current market price is $8, total market quantity demanded is comic books.
If the price rises to $14, total market quantity demanded is comic books.
You're given the following individual demand tables for comic books.
a. Calculate market demand.
Instructions: Enter your responses in the table below.
Price John. Liz. Alex. DMarket
$2. 10. 18 28
4. 9. 16 24
6 8 14. 20
8. 7. 12. 16
10. 6. 10 12
12. 5. 8 8
14. 4 6 4
16. 3. 4 0
b. If the current market price is $8, total market quantity demanded is comic books.
If the price rises to $14, total market quantity demanded is comic books.
Related textbook solutions
Related questions
In the table below, individual demand schedules for Tex, Dex, and Rex are shown in addition to total market demand.
Fill in the missing values in this table.
|
Price |
Tex |
Dex |
Rex |
Total Quantity |
|
$8 |
3 |
3 |
2 |
|
|
7 |
5 |
4 |
15 |
|
|
6 |
5 |
10 |
22 |
|
|
5 |
9 |
14 |
29 |
|
|
4 |
11 |
7 |
18 |
a. Which buyer (Tex, Dex, or Rex) demands the most at a price of $7?
b. Which buyer's quantity demanded increases the least when the price is lowered from $7 to $6?
c. Which direction would the market demand curve shift if Tex withdrew from the market?
d. What if Dex doubled his purchases at each possible price?
e. Suppose that at a price of $6, the total quantity demanded increases from 22 to 32 units. Is this a 'change in the quantity demanded' or a 'change in demand'?
Suppose the following table reflects the domestic supply and demand for compact discs (CDs):
| Price ($) | 18 | 16 | 14 | 12 | 10 | 8 | 6 | 4 |
| Quantity supplied | 8 | 7 | 6 | 5 | 4 | 3 | 2 | 1 |
| Quantity demanded | 2 | 4 | 6 | 8 | 10 | 12 | 14 | 16 |
(a) Graph supply and demand given these market conditions.
(i) Identify the equilibrium price. $
(ii) Identify the equilibrium quantity. CDs
(b) Now suppose that foreigners enter the market, offering to sell an unlimited supply of CDs for $6 apiece. Draw a new line representing the foreign supply.
Use the graph to answer the questions below.
(i) Identify the new market price.
(ii) Domestic consumption.
(iii) Domestic production.
(c) If a tariff of $3 per CD is imposed, what will be
(i) The market price?
(ii) Domestic consumption?
(iii) Domestic production?
