3. Individual and market demand Suppose that Kenji and Lucia are the only consumers of ice cream cones in a particular market. The following table shows their monthly demand schedules: <table><thead><tr class="firstRow"><th style="text-align: center; word-break: break-all;">Price(Dollars per cone)</th><th style="text-align: center; word-break: break-all;">Kenji's Quantity Demanded(Cones)</th><th style="text-align: center; word-break: break-all;">Lucia's Quantity Demanded(Cones)</th></tr></thead><tbody><tr><td style="text-align: center;">1</td><td style="text-align: center;">6</td><td style="text-align: center;">12</td></tr><tr><td style="text-align: center;">2</td><td style="text-align: center;">3</td><td style="text-align: center;">8</td></tr><tr><td style="text-align: center;">3</td><td style="text-align: center;">2</td><td style="text-align: center;">6</td></tr><tr><td style="text-align: center;">4</td><td style="text-align: center;">1</td><td style="text-align: center;">4</td></tr><tr><td style="text-align: center;">5</td><td style="text-align: center;">0</td><td style="text-align: center; word-break: break-all;">2</td></tr></tbody></table> On the following graph, plot Kenji's demand for ice cream cones using the green points (triangle symbol). Next, plot Lucia's demand for ice cream cones using the purple points (diamond symbol). Finally, plot the market demand for ice cream cones using the blue points (circle symbol). Line segments will automatically connect the points. Remember to plot from left to right.<img src="//img.wizedu.com/questions/37db7b10-a5eb-11ec-9775-3faf8d10b09c.png" title="1631851427264297.png" alt="image.png"/>

Question

In: Economics

3. Individual and market demand Suppose that Kenji and Lucia are the only consumers of ice...

3. Individual and market demand

Suppose that Kenji and Lucia are the only consumers of ice cream cones in a particular market. The following table shows their monthly demand schedules:

Price (Dollars per cone)	Kenji's Quantity Demanded (Cones)	Lucia's Quantity Demanded (Cones)
1	6	12
2	3	8
3	2	6
4	1	4
5	0	2

On the following graph, plot Kenji's demand for ice cream cones using the green points (triangle symbol). Next, plot Lucia's demand for ice cream cones using the purple points (diamond symbol). Finally, plot the market demand for ice cream cones using the blue points (circle symbol). Line segments will automatically connect the points. Remember to plot from left to right.

Expert Solution

Rahul Sunny answered 2 years ago

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