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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Using numbers, explain how a market demand curve is derived from two individual demand curves.

To determine

Explain how the market demand is derived from the individual demand.

Explanation

The market demand that is derived by calculating the sum of all the individual demands at a particular price or market demand is the horizontal summation.

Table 1 shows the individual demand and market demand as follows:

Table 1

 Individual quantity demanded 
PriceABCTotal market demand
$10057416
$20023510
$3000156

In Table 1, A, B, and C are the three individuals in a market. Thus, the total market demand for goods of a particular price depends upon the demand of these three individuals...

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