Question
I need help with problem B can someone explain this to me in details i am confused Demand: Thinking Like a Buyer End of Chapter
I need help with problem B can someone explain this to me in details i am confused
Demand: Thinking Like a Buyer End of Chapter Problem
The marginal benefit received for each kilowatt hour (kWh) of electricity consumed per week for Ang, Tony, and Gianna are provided in the accompanying table.
a. On the first graph, move the points to plot an individual demand curve for each person.
b. Assuming there are only these three people in the market, create the market demand curve for electricity on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided. Round down to the nearest whole kWh for each consumer.
kWh consumed perweek | Ang's marginal benefit | Tony's marginal benefit | Gianna's marginal benefit |
---|---|---|---|
1 | $7 | $4 | $8 |
2 | $5 | $3 | $6 |
3 | $3 | $2 | $4 |
4 | $1 | $1 | $2 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started