Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Using numbers, explain how a market demand curve is derived from two individual demand curves.
Explain how the market demand is derived from the individual demand.
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
| Â | Individual quantity demanded | Â | ||
| Price | A | B | C | Total market demand |
| $100 | 5 | 7 | 4 | 16 |
| $200 | 2 | 3 | 5 | 10 |
| $300 | 0 | 1 | 5 | 6 |
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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