Which buyers quantity demanded increases least when price

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Reference no: EM13452574

In the table below, individual demand schedules for Tex, Dex and Rex are shown in addition to [total] market demand.

a. Fill in the missing values in this table.

Price Tex Qd Dex Qd Rex Qd Total Quantity Demanded $8 4 2 1

7 4 3

9 6

5 4 14 5 5

7 23 4 6 8 8

b. (i) Which buyer demands the most at a price of $7?

(ii) Which buyer's quantity demanded increases the least when the price is lowered from $7 to $6?

c. Which direction would the market demand curve shift if Tex withdrew from the market?

d. What if Dex doubled his purchases at each possible price?

e. Suppose that at a price of $6, the total quantity demanded increases from 14 to 22. Is this a 'change in the quantity demanded' or a 'change in demand'?

Reference no: EM13452574

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