Question: Question 1 (5 marks) Abby's Brandi's Carrie's DeeDee's Quantity Quantity Quantity Quantity Demanded Demanded Demanded Demanded Price $12 IN 4 $10 4 4 4 5

Question 1 (5 marks) Abby's Brandi's Carrie's DeeDee's Quantity Quantity Quantity Quantity Demanded Demanded Demanded Demanded Price $12 IN 4 $10 4 4 4 5 $8 6 5 6 $6 8 8 4 $4 10 9 3 8 $2 12 10 9 Refer to table and answer the following questions: Whose demand does not obey the law of demand and why? (2) b) Suppose Abby, Brandi, Carrie, and DeeDee are the only four buyers in the market. If the price is $8, then the market quantity demanded is units? (1) c) Suppose Abby, Brandi, Carrie, and DeeDee are the only four buyers in the market. When the price decreases from $6 to $4, the market quantity demanded will (increase / decrease) by _ units. (2)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
