Problem
(Market Demand)With some other students in your class, determine your market demand for gasoline. Make up a chart listing a variety of prices per gallon of gasoline- $1.00, $1.25, $1.50, $1.75, $2.00, $2.25.Ask each student-and yourself-how many gallons per week they would purchase at each possible price. Then:
a. Plot each student's demand curve. Check to see whether each student'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.