Question

Individual and market demand

Suppose that Hubert and Kate are the only consumers of shoes in a particular market. The following table shows their annual demand schedules:

Price	Hubert's Quantity Demanded	Kate's Quantity Demanded
(Dollars per pair)	(Pairs)	(Pairs)
10	32	64
20	20	48
30	12	32
40	4	16
50	0	8

On the following graph, plot Hubert's demand for shoes using the green points (triangle symbol). Next, plot Kate's demand for shoes using the purple points (diamond symbol). Finally, plot the market demand for shoes using the blue points (circle symbol).

Answer 1

Price	Hubert Demand (Pairs)	Kate's Demand (pairs)	Market Demand (pairs)
$10	32	64	96
$20	20	48	68
$30	12	32	44
$40	4	16	20
$50	0	8	8

Demand Curve $60 550 $40 $30 $20 S10 50 20 40 60 80 100 120 -Hubert Demand (Parq-,-Kate's Demand (parq Market Demand (pairs)