Question

10. Suppose there are three consumers
Leander, Andre and Tim – in a particular
market. Their demand schedules are given
in the following table
Quantity Demanded
Leander Andre
Price
1
60
55
24
2
50
13
3
40
25
5
4
30
10
0
5
20
0
0
(a) Derive the market demand schedule
and plot the market demand curve
(b) Suppose Andre drops out of the
market. Derive the new market
demand curve.
(C) Suppose Andre stays in the market
and another person Marat joins the
market, whose quantity demanded
at any given price is half that of
Leander. Derive the new market
demand curve​

Answer 1

Answer:

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