Answered: Individual and market demand Suppose…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 3SCQ: In an analysis of the market for paint, an economist discovers the facts listed below. State whether...

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. Individual and market demand

Suppose that Eric and Ginny are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules:

Price	Eric’s Quantity Demanded	Ginny’s Quantity Demanded
(Dollars per slice)	(Slices)	(Slices)
1	6	16
2	3	12
3	2	8
4	1	6
5	0	4

On the following graph, plot Eric’s demand for pizza slices using the green points (triangle symbol). Next, plot Ginny’s demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol).

Note: Line segments will automatically connect the points. Remember to plot from left to right. ( the graph has attached as an image)

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