The following table summarizes demand data for a market. At each price, the quantity demanded by Jones, Smith, and all other buyers (besides Jones and Smith) is shown. For each price in the table, enter the number of units demanded by all buyers (Smith, Jones, and all other buyers) to complete the market demand schedule.   Quantity Demanded Price Jones Smith Other Buyers $25 12 14 70   $24 15 16 95   $23 18 18 120   $22 21 20 145   $21 24 22 170   $20 27 24 195

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 1SCQ: Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher...
icon
Related questions
Question

2. Working with Numbers and Graphs Q2

The following table summarizes demand data for a market. At each price, the quantity demanded by Jones, Smith, and all other buyers (besides Jones and Smith) is shown.
For each price in the table, enter the number of units demanded by all buyers (Smith, Jones, and all other buyers) to complete the market demand schedule.
 
Quantity Demanded
Price Jones Smith Other Buyers
$25 12 14 70
 
$24 15 16 95
 
$23 18 18 120
 
$22 21 20 145
 
$21 24 22 170
 
$20 27 24 195
 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Microeconomics
Principles of Microeconomics
Economics
ISBN:
9781305156050
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning