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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 5, Problem 6TY
Textbook Problem
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Consider a market with two consumers, Jasmine and Jim. Draw a demand curve for each of the two consumers, and use those curves to construct the demand curve for the entire market.

To determine

To construct the demand curve for the entire market in which there are only two consumers.

Explanation of Solution

Let Jasmine's demand curve is represented by d and Jim's demand curve is represented by d'. The two demand curves are shown in the figure below. The market demand curve is shown by the horizontal summation of the quantities demanded (d + d') by both the individuals...

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