Question: (3) Please type your answer under each individual question. Suppose there are three buyers of candy in a market: Mindy, Cindy and Windy. The market

 (3) Please type your answer under each individual question. Suppose there

(3) Please type your answer under each individual question. Suppose there are three buyers of candy in a market: Mindy, Cindy and Windy. The market demand and the individual demands are shown below: Price per Individual quantities demanded Market candy demand Mindy Cindy Windy $8 S 2 $7 4 $6 6 5 22 $5 17 16 35 $4 23 14 19 (1) Based on the individual demand information and market demand information offered, FILL the missing values in the table (2*5-10 points). (2) Among the three buyers in the market, which buyer demands the least at a price of $5? (5 points). (3) At market price of $4, Windy decided to increase her purchase on candy from 9 significantly to 15, can you list at least three possible reasons explaining her purchase decision change for candy?(3*10-30 points). Please know the market price remains at $4. (4) Suppose the original market price for candy was $5, and due to the supply shortage during the pandemic, the price has increased to $6, therefore, Mindy decided to decrease her purchase of candy. Please answer this fact has caused a "change in the quantity demanded" or "change in demand" for Mindy and why it's that ($ points for correct answer and 5 points for correct explanation 10 points)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!