Economics Logical Question.
Assume that there are 200 consumers in the market. Of these, 100 have schedules like Tracey's and 100 have schedules like Darren's. What would be the total market demand schedule for potatoes now?
1. How much would be demanded at a price of 6p per kilogram?
2. Assuming that demand does not change from month to month, plot the annual market demand for potatoes.
Draw Tracey's and Darren's demand curves for potatoes on one diagram.
1.At what price is their demand the same?
2.What explanations could there be for the quite different shapes of their two demand curves?
3. Do all these six determinants of demand affect both an individual's demand and the market demand for a product?
Assume that in the total market demand for potatoes increases by 20 per cent at each price - due, say, to substantial increases in the prices of bread and rice. Plot the old and the new demand curves for potatoes. Is the new curve parallel to the old one?
The price of pork rises and yet it is observed that the sales of pork increase. Does this mean that the demand curve for pork is upward sloping? Explain.
Instruction;
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