Graph the individual and market demand curves

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1. State the law of demand. Why is price inversely related to quantity demanded?

2. You're given the following individual demand tables for comic books.

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a. Determine the market demand table.

b. Graph the individual and market demand curves.

c. If the current market price is $4, what's total market demand? What happens to total market demand if price rises to $8?

d. Say that an advertising campaign increases demand by 50 percent. What will happen to the individual and market demand curves?

Reference no: EM131402348

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