ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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2. Individual and market demand Suppose that Tim and Alyssa are the only consumers of scented candles in a particular market. The following table shows their annual demand schedules: Price (Dollars per candle) 2 4 6 8 10 Tim's Quantity Demanded Alyssa's Quantity Demanded (Candles) (Candles) 28 16 10 20 6 12 2 6 0 2 On the following graph, plot Tim's demand for scented candles using the green points (triangle symbol). Next, plot Alyssa's demand for scented candles using the purple points (diamond symbol). Finally, plot the market demand for scented candles using the blue points (circle symbol).
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Transcribed Image Text:2. Individual and market demand Suppose that Tim and Alyssa are the only consumers of scented candles in a particular market. The following table shows their annual demand schedules: Price (Dollars per candle) 2 4 6 8 10 Tim's Quantity Demanded Alyssa's Quantity Demanded (Candles) (Candles) 28 16 10 20 6 12 2 6 0 2 On the following graph, plot Tim's demand for scented candles using the green points (triangle symbol). Next, plot Alyssa's demand for scented candles using the purple points (diamond symbol). Finally, plot the market demand for scented candles using the blue points (circle symbol).
PRICE (Dollars per candle) 12 10 8 00 2 0 0 8 16 24 32 QUANTITY (Candles) 40 48 Tim's Demand Alyssa's Demand Market Demand (?)
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Transcribed Image Text:PRICE (Dollars per candle) 12 10 8 00 2 0 0 8 16 24 32 QUANTITY (Candles) 40 48 Tim's Demand Alyssa's Demand Market Demand (?)
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