h.Producers expect the price of hot chocolate to increase next month.If the price of hot chocolate is $.50 per cup above equilibrium.Problem 5:The table below shows the quantities demanded of milk per month by four families at variousprices.Price of Gallon of The BermanMilk$3.00$4.00$5.00$6.00The HarrisFamily1210The JohnsonFamilyThe Patel FamilyFamily14106|2151296766If the four families listed are the only demanders in this market and the price of agallon of milk is $4.00, what is the market quantity demanded?a.If the four families listed are the only demanders in this market and the price of agallon of milk increases from $4.00 to $5.00, what is the change in the market quantitydemanded?b.

Question
Asked Oct 17, 2019
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h.
Producers expect the price of hot chocolate to increase next month.
If the price of hot chocolate is $.50 per cup above equilibrium.
Problem 5:
The table below shows the quantities demanded of milk per month by four families at various
prices.
Price of Gallon of The Berman
Milk
$3.00
$4.00
$5.00
$6.00
The Harris
Family
12
10
The Johnson
Family
The Patel Family
Family
14
10
6
|2
15
12
9
6
7
6
6
If the four families listed are the only demanders in this market and the price of a
gallon of milk is $4.00, what is the market quantity demanded?
a.
If the four families listed are the only demanders in this market and the price of a
gallon of milk increases from $4.00 to $5.00, what is the change in the market quantity
demanded?
b.
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h. Producers expect the price of hot chocolate to increase next month. If the price of hot chocolate is $.50 per cup above equilibrium. Problem 5: The table below shows the quantities demanded of milk per month by four families at various prices. Price of Gallon of The Berman Milk $3.00 $4.00 $5.00 $6.00 The Harris Family 12 10 The Johnson Family The Patel Family Family 14 10 6 |2 15 12 9 6 7 6 6 If the four families listed are the only demanders in this market and the price of a gallon of milk is $4.00, what is the market quantity demanded? a. If the four families listed are the only demanders in this market and the price of a gallon of milk increases from $4.00 to $5.00, what is the change in the market quantity demanded? b.

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Expert Answer

Step 1

A market demand curve is the horizontal summation of all individual demand curves.

The market demand curve can be derived by simply adding the quantities that each consumer buys at each price.  The prices on the vertical axis do not change, but the quantities on the horizontal axis are the sums of the consumer’s demand.

Step 2

A.) If the four families are the only demanders in the market and the price of a gallon of milk is $4.00, then...

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