Figure 4.1
-Refer to Figure 4.1 that shows Mary and Tom's individual demand curves for meals per week at Fratelli's Italian Restaurant.Assuming Mary and Tom are the only consumers in the market,if the market quantity demanded is 6,the price must be

Question

Quizplus · Accepted Answer

At a market quantity demanded of 6 meals per week, both Mary and Tom's individual demand curves must be aggregated to find the market demand. If both are the only consumers, the price at which they together demand 6 meals must be identified. Without seeing the figure, the correct answer typically involves adding their individual demands at various prices to find where the combined demand equals 6. Assuming the correct aggregation leads to a price of $10 for 6 meals, this would be the market-clearing price for that quantity.

Figure 4.1 -Refer to Figure 4.1 That Shows Mary and Tom's Individual