The table below is a Marginal Value schedule for person A. It shows A's MV for product X relative to product Y. Assume if the price equals MV the buyer will buy. Quantity of x 1 2 3 4 5 6 7 MV of X in terms of Y 50 45 40 35 30 25 20 15 10 5 0 8 9 10 11 The table below is a Marginal Value schedule for person B and C. It shows B's and C's MV for product X relative to product Y. B's Marginal Value of X Quantity of MV of X in terms of Y C's Marginal Value of X Quantity of x MV of X in terms o Y 1 2 3 4 5 6 7 30 25 20 15 10 5 0 1 2 3 4 5 40 35 30 25 20 6 7 15 10 16. Assume now that there are three people in the market for product X, A, B, and C. Draw a graph that shows each individual's demand curves and the market demand curve. Be sure to label each axis and each of the respective demand curves. 20. a. In question 16 you drew a graph showing the market demand curve for X when there are three consumers in the market. Describe what would happen to the market demand curve if individual A moved out of the market and no longer purchased any X__ For the description you gave in a, is this a "change in demand" or a "change in the quantity demanded"? b. The table below is a Marginal Value schedule for person A. It shows A's MV for product X relative to product Y. Assume if the price equals MV the buyer will buy. Quantity of x 1 2 3 4 5 6 7 MV of X in terms of Y 50 45 40 35 30 25 20 15 10 5 0 8 9 10 11 The table below is a Marginal Value schedule for person B and C. It shows B's and C's MV for product X relative to product Y. B's Marginal Value of X Quantity of MV of X in terms of Y C's Marginal Value of X Quantity of x MV of X in terms o Y 1 2 3 4 5 6 7 30 25 20 15 10 5 0 1 2 3 4 5 40 35 30 25 20 6 7 15 10 16. Assume now that there are three people in the market for product X, A, B, and C. Draw a graph that shows each individual's demand curves and the market demand curve. Be sure to label each axis and each of the respective demand curves. 20. a. In question 16 you drew a graph showing the market demand curve for X when there are three consumers in the market. Describe what would happen to the market demand curve if individual A moved out of the market and no longer purchased any X__ For the description you gave in a, is this a "change in demand" or a "change in the quantity demanded"? b