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Determine the Market demand curve
Market demand curve is the horizontal summation of individual demand curves. The individual demand schedules plotted graphically and summed up horizontally provides the market demand curve as displayed in Figure below.
The individual demands for commodity X are provided by DA, DB and Dc, correspondingly. Horizontal summation of these individual demand curves results into market demand curve (DM) for the commodity X. Curve DM represents the market demand curve for commodity X when there are just three consumers of the commodity.
Explain a circular flow of income in a frugal econmomy with diagram
ChoppinAxe is a little Swedish firm that produces wood planks and operates in a perfectly competitive market. Each firm in the market has the following total cost function:
Assignment
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