Question: During a given week,Studen 1 demands four milkshakes at a price of $2. five at $1.80,six at 1.60, and seven at $ 1.40. Student 2
During a given week,Studen 1 demands four milkshakes at a price of $2. five at $1.80,six at 1.60, and seven at $ 1.40. Student 2 demands five milkshakes at a price per milkshake of $2,seven at $1.80, nine at $1.60 and 11 at $1.40
a) Is the law of demand satisfied for each student as the price of milkshakes falls ? why or why not
b) How is the market demand curve derived if these two students are the only 2 onsumers in the market ?
c) what are four points on the market demand curve D?
d) Draw a graph showing the demand curves for student 1 and student 2 D,and D2, as well as the market demand curve D.Plot four point for each of the demand curves, for a total of twelve points
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
