052 502 16539-14624 Econnect ECONOMICS Chapter 3 Problems instructions I help Qu
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052 502 16539-14624 Econnect ECONOMICS Chapter 3 Problems instructions I help Question 1 (of 7) Save&Exit; Submit value: 10.00 points In the table below, individual demand schedules for Tex. Dex and Rex are shown in addition to total market demand a. Fill in the missing values in this table Tex Dex Qd Total Quantity anded b. Which buyer demands the most at a price of $7? (Click to select) Which buyer's quantity demanded increases the least when the price is lowered from $7 to S6? (Click to select c Which dlirection would the market demand curve shift if Tex withdrew from the market?' (Click to select d. What if Dex doubled nis purchases at each possible price? (Click to select) e Suppose that at e price of $6. the total quantity demanded inc eases from 21 to 31 u111 istn senengerine cuantry cemandecoro chengendemand? Click to select) (Click to select) A change in the quantity demanded A change in demand esources Worksheet 53 PMExplanation / Answer
(1)
(a) At each price, market demand is sum of demand of Tex, Rex & Dex.
(b) When price = $7, Rex demands most (Q = 6)
(c) Quantity demanded by Dex decreases the least (by $1).
(d) If Tex withdraws from market, market demand falls & market demand curve shifts to the left.
If Dex doubles his purchase, market demand rises at every price & market demand shifts to the right.
(e) When quantity changes due to a change in price, it is a change in quantity demanded, as in this case.
Note: First question is answered.
Price Demand: Tex Demand: Dex Demand: Rex Market Demand (A) (B) (C) (A) + (B) + (C) 8 2 2 2 6 7 4 3 6 13 6 6 4 10 20 5 8 5 14 27 4 10 6 18 34Related Questions
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