Suppose that Yakov and Ana are the only consumers of shoes in a particular market. The...

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

Price	Yakov's Quantity Demanded	Ana's Quantity Demanded
(Dollars per pair)	(Pairs)	(Pairs)
10	32	56
20	20	40
30	12	24
40	4	12
50	0	4

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

Yakov’s DemandAna’s DemandMarket Demand01632486480966050403020100PRICE (Dollars per pair)QUANTITY (Pairs)

Now, suppose that Ana's twin brother, who likes shoes just as much a Ana, moves to the area, adding another consumer in the market. As a result, there will be a the market demand curve because there will be a change in quantity demanded .

Expert Solution

Correct Answer:

Rightward movement in the market demand curve

Since at each price level, the market demand increases, then there will be rightward shift in the market demand curve.

keosha answered 2 years ago

Suppose that Edison and Hilary are the only consumers of shoes in a particular market. The...

Suppose that Edison and Hilary are the only consumers of shoes in a particular market. The following table shows their annual demand schedules: Price Edison’s Quantity Demanded Hilary’s Quantity Demanded (Dollars per pair) (Pairs) (Pairs) 10 24 56 20 12 40 30 8 24 40 4 12 50 0 4 On the following graph, plot Edison’s demand for shoes using the green points (triangle symbol). Next, plot Hilary’s demand for shoes using the purple points (diamond symbol). Finally, plot the...

Suppose that Larry and Megan are the only consumers of pizza slices in a particular market.

3. Individual and market demand Suppose that Larry and Megan are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price(Dollars per slice)Larry's Quantity Demanded(Slices)Megan's Quantity Demanded(Slices)1407022550315304515505On the following graph, plot Larry's demand for pizza slices using the green points (triangle symbol). Next, plot Megan's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Une segments will automatically...

Suppose that Shen and Valerie are the only consumers of pizza slices in a particular market

Suppose that Shen and Valerie are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules Price (Dollars per slice)Shen's Quantity Demanded (Slices)Valerie's Quantity Demanded (Slices)18142510336413501On the following graph, plot Shen's demand for pizza slices using the green points (triangle symbol). Next, plot Valerie's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Line segments will automatically connect...

Suppose that Van and Amy are the only consumers of pizza slices in a particular market....

Suppose that Van and Amy are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price Van’s Quantity Demanded Amy’s Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 40 80 2 25 60 3 15 40 4 5 20 5 0 10 On the following graph, plot Van’s demand for pizza slices using the green points (triangle symbol). Next, plot Amy’s demand for pizza slices using the purple points (diamond symbol)....

Suppose that Dmitri and Frances are the only consumers of ice cream cones in a particular...

Suppose that Dmitri and Frances are the only consumers of ice cream cones in a particular market. The following table shows their monthly demand schedules: Price Dmitri’s Quantity Demanded Frances’s Quantity Demanded (Dollars per cone) (Cones) (Cones) 1 8 14 2 5 10 3 3 6 4 1 3 5 0 1 On the following graph, plot Dmitri’s demand for ice cream cones using the green points (triangle symbol). Next, plot Frances’s demand for ice cream cones using the purple...

Suppose that there is only one ﬁrm, the monopolist and many consumers in the market. Assume...

Suppose that there is only one ﬁrm, the monopolist and many consumers in the market. Assume that the market demand function is given by P = 210−2Qd and the monopolist’s cost function is given by C(Q) = 10Q. (a) Setup the monopolist’s proﬁt maximization problem. (b) Solve the monopolist’s proﬁt maximization problem and ﬁnd the market equilibrium price P∗ and quantity Q∗. Now, assume that the government eliminates all the entry cost of entering the market as the government wants...

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)1612238326414502On 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)....

6. Comparative and absolute advantage Yakov and Ana are farmers. Each one owns a 20-acre plot...

6. Comparative and absolute advantage Yakov and Ana are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of rye and corn each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing rye or corn or to produce rye on some of the land and corn on the rest. Rye Corn (Bushels per acre) (Bushels per acre) Yakov 10 5 Ana 40 8 On...

There is a market of candy. Consumers allocate their income only on candy and milk. The...

There is a market of candy. Consumers allocate their income only on candy and milk. The consumers have diminishing marginal utility for both products. The candy market is perfectly competitive. The candy companies use labor and capital (raw materials) to produce candy. The market is in a state of long term equilibrium. 1. Consumers experience an income increase. Illustrate with GRAPHS how the income increase affect the market short term equilibrium a. How the income increase affects demand of candy...

3. Breakdown of a cartel agreement Consider a town in which only two residents, Yakov and...

3. Breakdown of a cartel agreement Consider a town in which only two residents, Yakov and Ana, own wells that produce water safe for drinking. Yakov and Ana can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of water) (Dollars) 4.20 0 0 3.85 40 $154.00 3.50 80 $280.00 3.15 120...

Question