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Suppose Jermaine and Tim are the only people in the market. The curve DJ is Jermaine's demand curve and the curve DT is Tim's demand curve. Draw the market demand curve and label it. (If you plot any points to help you draw the curve, you must erase the points before submitting the Problem Set).

Suppose Jermaine and Tim are the only people in the market. The curve DJ is Jermaine's demand curve and the curve DT is Tim's demand curve. Draw the market demand curve and label it. (If you plot any points to help you draw the curve, you must erase the points before submitting the Problem Set).

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter23: Price-searcher Markets With Low Entry Barriers
Section: Chapter Questions
Problem 3CQ
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Suppose Jermaine and Tim are the only people in the market. The curve DJ is Jermaine's demand curve and the curve DT is Tim's demand curve. Draw the market demand curve and label it. (If you plot any points to help you draw the curve, you must erase the points before submitting the Problem Set). Price (dollars per bag) 6.00 5.00- 4.00- 3.00- 2.00- 1.00 0.00+ 0 DJ 1 2 3 4 5 6 7 Quantity (bags per month) 8 Q 6.00 5.00- 4.00- 3.00- 2.00 1.00 0.00+ Price (dollars per bag) DT 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity (bags per month) 6.00 5.00 4.00- 3.00- 2.00- 1.00- 0.00+ 0 Price (dollars per bag) -~ 2 4 to 6 8 10 12 14 16 Quantity (bags per month) 18 20 Q Q
Transcribed Image Text:Suppose Jermaine and Tim are the only people in the market. The curve DJ is Jermaine's demand curve and the curve DT is Tim's demand curve. Draw the market demand curve and label it. (If you plot any points to help you draw the curve, you must erase the points before submitting the Problem Set). Price (dollars per bag) 6.00 5.00- 4.00- 3.00- 2.00- 1.00 0.00+ 0 DJ 1 2 3 4 5 6 7 Quantity (bags per month) 8 Q 6.00 5.00- 4.00- 3.00- 2.00 1.00 0.00+ Price (dollars per bag) DT 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity (bags per month) 6.00 5.00 4.00- 3.00- 2.00- 1.00- 0.00+ 0 Price (dollars per bag) -~ 2 4 to 6 8 10 12 14 16 Quantity (bags per month) 18 20 Q Q
The table shows the demand and supply schedules for magazines. Quantity demanded Price (dollars per magazine) 3 5 7 9 11 If the price is $5 a magazine, there is a magazines, so the price of a magazine quantity supplied (magazines per week) 180 140 100 60 20 Quantity supplied Draw a demand curve and a supply curve using the numbers in the table (only draw the lines, not the points). Label the curves. Draw a point to show the equilibrium price and equilibrium quantity. 60 100 140 180 220 of the quantity demanded The market moves to equilibrium. A. shortage; rises; decreases; increases B. shortage; falls; decreases; increases O C. surplus; falls; increases; decreases O D. surplus; rises; increases; decreases and the 12- 10- 8- 6- 4 2- 04+ 0 Price (dollars per magazine) 40 160 200 80 120 Quantity (magazines per week) >>> Draw only the objects specified in the question. 240 Q N
Transcribed Image Text:The table shows the demand and supply schedules for magazines. Quantity demanded Price (dollars per magazine) 3 5 7 9 11 If the price is $5 a magazine, there is a magazines, so the price of a magazine quantity supplied (magazines per week) 180 140 100 60 20 Quantity supplied Draw a demand curve and a supply curve using the numbers in the table (only draw the lines, not the points). Label the curves. Draw a point to show the equilibrium price and equilibrium quantity. 60 100 140 180 220 of the quantity demanded The market moves to equilibrium. A. shortage; rises; decreases; increases B. shortage; falls; decreases; increases O C. surplus; falls; increases; decreases O D. surplus; rises; increases; decreases and the 12- 10- 8- 6- 4 2- 04+ 0 Price (dollars per magazine) 40 160 200 80 120 Quantity (magazines per week) >>> Draw only the objects specified in the question. 240 Q N
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