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- 6. Individual and market supply Suppose that Paolo and Sharon are the only suppliers of ice cream cones in a particular market. The following table shows their monthly supply schedules: Price (Dollars per cone) PRICE (Dollars per cone) 6 5 2 0 1 0 2 3 4 5 Paolo's Quantity Supplied (Cones) 0 On the following graph, plot Paolo's supply of ice cream cones using the green points (triangle symbol). Next, plot Sharon's supply of ice cream using the purple points (diamond symbol). Finally, plot the market supply of ice cream cones using the orange points (square symbol). (?) 4 8 4 12 6 7 8 18 QUANTITY (Cones) Sharon's Quantity Supplied (Cones) 5 9 20 12 24 14 15 Paolo's Supply Sharon's Supply E Market Supply es Now, suppose that Sharon's twin brother, who has an identical cost structure and ice cream cones supply curve as Sharon, moves to the area, adding another producer to this market. As a result, there will be a the market supply curve because there will be a change in quantity supplied4 Refer to Table below. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $6, the quantity demanded in the market would be Kona Coffee Price per lb. (dollars) Luke's Quantity Demanded (lbs.) Ravi's Quantity Demanded (lbs.) Rest of Market Quantity Demanded (lbs.) Market Quantity Demanded (lbs.) $10 3 0 23 8 9 3 32 6 14 7 68 5 18 12 85 4 22 18 110 a. 123 lbs b. 89 lbs c. 36 lbs d. 68 lbsRefer to the accompanying figures. If Mallory and Rick are the only two consumers in this market, then the market demand for soda will be 90 cans per month when the price of a can of soda is Mallory's Demand for Soda Price ($/can) 1.501 1.25 1.00 0.75 0.50 0.25 0 0 10 20 30 40 50 60 70 Quantity (cans of soda/month) Select one: O a. $1.50 O b. $0.50 O c. $1.25 O d. $0.75 Price ($/can) 1.50 1.25 1.00 0.75 0.50 0.25 0 0 Rick's Demand for Soda 10 20 30 40 50 60 70 Quantity (cans of soda/month)
- 1. Dave, Brian, and Mike's demand schedules for chicken dinners are all given in the table below. Assume that these three people are the only buyers in the market for chicken dinners. Price Dave's quantity demanded Brian's quantity demanded Mike's quantity demanded 80 10 $1 82 $3 4 a) b) 2 料甜 8 $6 2882 Which of the following best describes the market demand schedule for chicken dinners? Price Market Quantity 80 16 31 12 0 84 > a 88 * 2 Price Market Quantity 80 81 82 83 84 96 22 83 63 $4 86 16 14 10 S Price Murut Quantity 30 81 82 6 7 0 2 0 O Price 80 $1 52 53 84 2 86 0 Market Quantity 24 18 2 12 2 0 0 O2) The following figure shows the demand curves for pens for two consumers. Price 40 Quantity Refer to the figure above and answer the following questions: a) How do you derive the market demand curve? Explain. b) Assuming that the market consists of only these two consumers, what is the market demand for pens when the price is $4? ) Assuming an increase in the price of notebooks, what will be the likely effect on consumers' demand for pens? Explain in terms of possible change in demand curves.6. Individual and market supply Suppose that Antonio and Caroline are the only suppliers of ice cream cones in a particular market. The following table shows their monthly supply schedules: Price Antonio's Quantity Supplied Caroline's Quantity Supplied (Dollars per cone) (Cones) (Cones) 1 5 2 3 6 12 4 7 14 5 8 15 On the following graph, plot Antonio's supply of ice cream cones using the green points (triangle symbol). Next, plot Caroline's supply of ice cream cones using the purple points (diamond symbol). Finally, plot the market supply of ice cream cones using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.
- 3. Individual and market demand Suppose that Darnell and Eleanor are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price Darnell's Quantity Demanded Eleanor's Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 8 14 2 6 10 3 4 6 4 2 3 1 On the following graph, plot Darnell's demand for pizza slices using the green points (triangle symbol). Next, plot Eleanor'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). Note: Line segments will automatically connect the points. Remember to plot from left to right.3. Individual and market demand Suppose that Jacques and Kyoko are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price Jacques’s Quantity Demanded Kyoko’s Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 40 80 2 25 60 3 15 40 4 5 30 5 0 20 On the following graph, plot Jacques’s demand for pizza slices using the green points (triangle symbol). Next, plot Kyoko’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). Note: Line segments will automatically connect the points. Remember to plot from left to right.. Individual and market demand Suppose that Eric and Ginny are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price Eric’s Quantity Demanded Ginny’s Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 6 16 2 3 12 3 2 8 4 1 6 5 0 4 On the following graph, plot Eric’s demand for pizza slices using the green points (triangle symbol). Next, plot Ginny’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). Note: Line segments will automatically connect the points. Remember to plot from left to right. ( the graph has attached as an image)
- 3. Individual and market demand Suppose that Andrew and Beth represent the only two consumers of blueberry muffins in some hypothetical market. The following table presents their weekly demand schedules for blueberry muffins: Price (Dollars per muffin) 1 2 3 4 5 Andrew's Quantity Demanded Beth's Quantity Demanded (Muffins) (Muffins) 6 16 3 2 1 0 12 8 6 4 On the following graph, plot Andrew's demand for blueberry muffins using the green points (triangle symbol). Next, plot Beth's demand for blueberry muffins using the purple points (diamond symbol). Finally, plot the market demand for blueberry muffins using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.Individual and market demand Suppose that Sean and Yvette are the only consumers of ice cream cones in a particular market. The following table shows their monthly demand schedules: Price Sean’s Quantity Demanded Yvette’s Quantity Demanded (Dollars per cone) (Cones) (Cones) 1 8 16 2 6 12 3 4 8 4 2 6 5 0 4 On the following graph, plot Sean’s demand for ice cream cones using the green points (triangle symbol). Next, plot Yvette’s demand for ice cream cones using the purple points (diamond symbol). Finally, plot the market demand for ice cream cones using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. Sean’s DemandYvette’s DemandMarket Demand048121620246543210PRICE (Dollars per cone)QUANTITY (Cones)2. Individual and market demand Suppose that Sean and Yvette are the only consumers of shoes in a particular market. The following table shows their annual demand schedules: Price (Dollars per pair) 10 20 30 40 50 PRICE (Dollars per pair) On the following graph, plot Sean's demand for shoes using the green points (triangle symbol). Next, plot Yvette's demand for shoes using the purple points (diamond symbol). Finally, plot the market demand for shoes using the blue points (circle symbol). (?) 60 50 30 20 10 0 0 16 Sean's Quantity Demanded Yvette's Quantity Demanded (Pairs) (Pairs) 32 64 20 48 12 32 4 24 0 16 32 48 64 QUANTITY (Pairs) 80 96 Sean's Demand Yvette's Demand O Market Demand Now, suppose that Yvette's twin brother, who likes shoes just as much a Yvette, moves to the area, adding another consumer in the market. As a result, there will be a ▼ the market demand curve because there will be a change in quantity demanded
