Suppose John and Wayne are the only two demanders of cowboy movies. Each month,

Question

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

Explanation / Answer

Solution: quantity demanded = 10; price = $10

Working:

Price

QD

Price

QD

Total MD

John

10

6

Waynes

10

4

10

15

4

15

2

The points on individual and market demand curves will include same vertical coordinate

Price

QD

Price

QD

Total MD

John

10

6

Waynes

10

4

10

15

4

15

2

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