The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table. a. On the first graph, move the points to plot an individual demand curve for each person. b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided.
The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table. a. On the first graph, move the points to plot an individual demand curve for each person. b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
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The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table.
a. On the first graph, move the points to plot an individual demand curve for each person.
b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided.
Transcribed Image Text:Ang's Tony's Gianna's
marginal marginal marginal
Demand: Thinking Like a Buyer – End of Chapter
Gallons consumed
Problem
per week
The marginal benefit received for each gallon of gasoline
benefit
benefit
benefit
consumed per week for Ang, Tony, and Gianna are
$7
$4
$8
1
provided in the accompanying table.
2
$5
$3
$6
a. On the first graph, move the points to plot an individual
demand curve for each person.
$3
$2
$4
$1
$1
$2
b. Assuming there are only these three people in the
market, create the market demand curve for gasoline on
the second graph. Move each of the points of the market
4
demand curve provided to plot the appropriate market
demand according to the dataset provided.
Individual demand
Market demand
Ang's demand
12
market demand
12
Tony's demand
11
11
Gianna's demand
10
10
7
7
4
4
3
2
1
1
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
0.0
1.0
2.0
3.0
4.0
5.0
3.
3.
Price ($ per gallon)
9,
LO
2.
Price ($ per gallon)
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