1. Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The...

 

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1. Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex are shown in the following table. (LO1) a. Fill in the missing values. b. Which buyer demands the least at a price of $5? The most at a price of $7? c. Which buyer's quantity demanded increases the most when the price is lowered from $7 to $6? d. In which direction would the market demand curve shift if Tex withdrew from the market? What would happen if Dex doubled his purchases at each possible price? e. Suppose that at a price of $6, the total quantity demanded increases from 19 to 38. Is this a "change in the quantity demanded" or a "change in demand"? Explain. Individual Quantities Demanded Dex 1 2 Price per Candy Tex $8 7 6 5 3 + 8 - 17 4 23 + + + + 5 + 0 + + Rex + 4 6 8 = Total Quantity Demanded 1227 19 I 1. Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex are shown in the following table. (LO1) a. Fill in the missing values. b. Which buyer demands the least at a price of $5? The most at a price of $7? c. Which buyer's quantity demanded increases the most when the price is lowered from $7 to $6? d. In which direction would the market demand curve shift if Tex withdrew from the market? What would happen if Dex doubled his purchases at each possible price? e. Suppose that at a price of $6, the total quantity demanded increases from 19 to 38. Is this a "change in the quantity demanded" or a "change in demand"? Explain. Individual Quantities Demanded Dex 1 2 Price per Candy Tex $8 7 6 5 3 + 8 - 17 4 23 + + + + 5 + 0 + + Rex + 4 6 8 = Total Quantity Demanded 1227 19 I