3. Individual and market demand

Suppose that Sam and Teresa are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules:

Price	Sam's Quantity Demanded	Teresa's Quantity Demanded
(Dollars per slice)	(Slices)	(Slices)
1	8	12
2	5	8
3	3	6
4	1	4
5	0	2

On the following graph, plot Sam's demand for pizza slices using the green points (triangle symbol). Next, plot Teresa'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: Line segments will automatically connect the points. Remember to plot from left to right.

16. How prices allocate resources

Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $575,000. The following table states each person's willingness and ability to purchase a parcel.

Person	Willingness and Ability to Purchase
(Dollars)
Antonio	600,000
Caroline	550,000
Dmitri	520,000
Frances	510,000
Shen	750,000
Valerie	660,000

Which of these people will buy one of the three beachfront parcels?Check all that apply.

Antonio

Caroline

Dmitri

Frances

Shen

Valerie

Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $535,000. This fourth parcel be sold, because will purchase it from the seller for at least the minimum price.