Narrbegin Exhibit 3.1 Market demand
-Suppose there are only three people in the economy: Jane, Harry and Bob. The individual demand for corn for each of these consumers is given in Exhibit 3.1. The total quantity of corn demanded if the market price is $5 is _____.

Question

Narrbegin Exhibit 3.1 Market demand  
-Suppose there are only three people in the economy: Jane, Harry and Bob. The individual demand for corn for each of these consumers is given in Exhibit 3.1. The total quantity of corn demanded if the market price is $5 is _____.

Quizplus · Accepted Answer

At a price of $5, you sum up the individual quantities demanded by Jane, Harry, and Bob to find the total market demand. Jane demands 10 units, Harry demands 8 units, and Bob demands 7 units at this price. Adding these together gives a total of 25 units.

Narrbegin Exhibit 3.1 Market Demand