Table 3-1

-Refer to Table 3-1.The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi)and the rest of the market.At a price of $6,the quantity demanded in the market would be
A)36 lbs.
B)68 lbs.
C)89 lbs.
D)123 lbs.

Question

Table 3-1
 
-Refer to Table 3-1.The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi)and the rest of the market.At a price of $6,the quantity demanded in the market would be
A)36 lbs. 
B)68 lbs. 
C)89 lbs. 
D)123 lbs.

Quizplus · Accepted Answer

At a price of $6, Luke would demand 18 lbs and Ravi would demand 17 lbs, making the total demand for the two individuals 35 lbs. The market demand at that price would be the sum of the individual demands plus the demands of the rest of the market, which is 54 lbs. Therefore, the total quantity demanded in the market at a price of $6 would be 35 lbs + 54 lbs = 89 lbs.

Table 3-1 -Refer to Table 3-1.The Table Above Shows the Demand Schedules