Table 3.1
-Refer to Table 3.1.The table above shows the demand schedules for loose-leaf tea of two individuals (Sunil and Mia )and the rest of the market.If the price of loose-leaf tea rises from $3 to $4, the market quantity demanded would

Question

Table 3.1 
-Refer to Table 3.1.The table above shows the demand schedules for loose-leaf tea of two individuals (Sunil and Mia )and the rest of the market.If the price of loose-leaf tea rises from $3 to $4, the market quantity demanded would

Quizplus · Accepted Answer

At $3, the total demand is Sunil (12) + Mia (18) + Rest of Market (120) = 150 kgs. At $4, the total demand is Sunil (8) + Mia (14) + Rest of Market (96) = 118 kgs. The difference is 150 - 118 = 32 kgs, indicating a decrease in demand.

Table 3.1 -Refer to Table 3.1.The Table Above Shows the Demand Schedules