Problem
Market Demand Working in small groups, determine your group's market demand for gasoline. Make up a chart listing a variety of prices per gallon of gasoline, such as $2.00, $2.25, $2.50, $2.75, $3.00, $3.25. Each group member should determine how many gallons per week they would purchase at each possible price. Then do the following:
a. Plot each group member's demand curve. Check to see whether each person's responses are consistent with the law of demand.
b. Derive the "market" demand curve by adding the quantities demanded by all students at each possible price.
c. What do you think will happen to that market demand curve after your class graduates and your incomes rise?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.