Table 3-2

-Refer to Table 3-2.The table above shows the demand schedules for cashews of two individuals (Jordy and Amy)and the rest of the market.If the price of cashews rises from $4 to $6,the market quantity demanded would
A)decrease by 33 lbs.
B)increase by 39 lbs.
C)increase by 33 lbs.
D)decrease by 39 lbs.

Question

Table 3-2
 
-Refer to Table 3-2.The table above shows the demand schedules for cashews of two individuals (Jordy and Amy)and the rest of the market.If the price of cashews rises from $4 to $6,the market quantity demanded would
A)decrease by 33 lbs. 
B)increase by 39 lbs. 
C)increase by 33 lbs. 
D)decrease by 39 lbs.

Quizplus · Accepted Answer

At $4, the total quantity demanded is the sum of Jordy's, Amy's, and the rest of the market's demand, which is 15 + 20 + 100 = 135 lbs. At $6, the total demand is 10 + 15 + 71 = 96 lbs. The change in quantity demanded is 135 lbs - 96 lbs = 39 lbs decrease.

Table 3-2 -Refer to Table 3-2.The Table Above Shows the Demand Schedules