Question
I'm having trouble understanding how to plot the market demand points. Suppose that Larry and Megan are the only consumers of scented candles in a
I'm having trouble understanding how to plot the market demand points.
Suppose that Larry and Megan are the only consumers of scented candles in a particular market. The following table shows their annual demand schedules:
Price Larry's Quantity Demanded Megan's Quantity Demanded
(Dollars per candle) (Candles) (Candles)
2 16 32
4 10 24
6 6 16
8 2 8
10 0 4
On the following graph, plot Larry's demand for scented candles using the green points (triangle symbol). Next, plot Megan's demand for scented candles using the purple points (diamond symbol). Finally, plot the market demand for scented candles using the blue points (circle symbol).
Price (Dollars per Candle) (Vertical Axis)
12
10
8
6
4
2
0
0 8 16 24 32 40 48
Quantity (Candles)
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