You%u2019re given the following individual demand tables for comic books. Price

Question

You%u2019re given the following individual demand tables for comic books.

Price

Market
Demand

2

   

4

   

6

   

8

   

10

   

12

   

14

   

16

   

b) This part is not included (Graph question).

c) If the current market price is $12, what%u2019s total market demand?

Total market demand

What happens to total market demand if price changes to $16?

Total market demand will (Click to select)risefall to .

d) Say that an advertising campaign decreases demand by 25% percent. What will happen to the individual and market demand curves?

(Click to select)Shift to the leftShift to the right

Price John Liz Alex $ 2        8       24       16       4        7       23       12       6        6       19       11       8      5       15       10       10        4       10       6       12        3       10       5       14        2       4       4       16        1       0       1      

Explanation / Answer

If the current market price is $12, what%u2019s total market demand?

A: Total Market Demand is : 18

What happens to total market demand if price changes to $16?

A: Demand falls

d) Say that an advertising campaign decreases demand by 25% percent. What will happen to the individual and market demand curves?

A: Shifts to the Right.

Price John Liz Alex Market Demand $ 2        8 24 16 48 4        7 23 12 42 6        6 19 11 36 8      5 15 10 30 10        4 10 6 20 12        3 10 5 18 14        2 4 4 10 16        1 0 1 2

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