The market for lemon has 10 potential consumers, each having an individual demand curve P=101-10Q1, where P is price in dollars per cup and Q1 is the number of cups demanded per week by the ith consumer. Find the market demand curve using algebra. Draw an individual demand curve and the market demand curve. What is the quantity demanded by each consumer and in the market as a whole when lemon is priced at P= $1/cup?

Mario and Chris are the only two consumers in a particular market for train tickets. The following table displays the relationship between the price of bus tickets for each consumer and quantity of train tickets demanded per week when the price of train tickets is $4.00 each. $2.00 $3.00 $4.00 $5.00 Price of bus tickets Mario's demand for train tickets 8 6. 4 2 Chris' demand for train tickets 1 2 3 a) Suppose the price of bus tickets is $4. The market demand of train tickets per day is

Weekly income=$60   Burger= $12 each   Books= $6 each   Points A and B are utility maximizing choices.    Price of burgers go from $6 each to $12 each.   Part a) Draw the income and substitution effects on the graph.   Part b) Are books normal or inferior good?   Part c) Are burgers normal or inferior good?   Part d) Draw demand curve for burgers

What is the current price of gasoline and how many gallons of gasoline do you currently buy per month? How many gallons would you buy next month and how would your behavior change if the price fell by $1.25 per gallon? Also, based on that information, what is your price elasticity of demand for gasoline? Be sure to show how you calculated your price elasticity of demand.     current price of gas = $2.53 gallons of gas per month = 72 gallons no change for next month On the average I fill my tank up 3 times a month each time I go I spend $60-$65

Maddie and Brandon are discussing their demand for Sour Patch Kids candy. Maddie buys 11 packages every month at a price of $2 and reduces her quantity demanded by 1 for every $0.05 increase in price. Brandon buys 21 packages every month at a price of $2 and reduces his quantity demanded by 2 for every $0.50 increase in price. Do not round your answers. (a) What are the equations of Maddie and Brandon's demand curves? Maddie's demand curve: P = Brandon's demand curve: P = (b) If the price of Sour Patch Kids candy is $1.25, what quantities do Maddie and Brandon demand? Maddie demands Brandon demands Qd+ Qd+ Maddie's marginal benefit is $ Brandon's marginal benefit is $ Sour Patch Kids candies. (c) What are Maddie and Brandon's marginal benefits of consuming their 16th packages of candy? Sour Patch Kids candies.