Suppose John and Wayne are the only two demanders of cowboy movies. Each month, John buys six cowboy movies when the price is $10 each, and he buys four cowboy movies when the price is $15 each. Each month, Wayne buys four cowboy movies when the price is $10 each, and he buys two cowboy movies when the price is $15 each. Which of the following points is on the market demand curve?
A.) quantity demanded = 2; price = $15
B.) quantity demanded = 4; price = $25
C.) quantity demanded = 10; price = $10
D.) quantity demanded = 16; price = $25
Suppose John and Wayne are the only two demanders of cowboy movies. Each month, John buys six cowboy movies when the price is $10 each, and he buys four cowboy movies when the price is $15 each. Each month, Wayne buys four cowboy movies when the price is $10 each, and he buys two cowboy movies when the price is $15 each. Which of the following points is on the market demand curve?
A.) quantity demanded = 2; price = $15
B.) quantity demanded = 4; price = $25
C.) quantity demanded = 10; price = $10
D.) quantity demanded = 16; price = $25
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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'?
