Suppose there are only 3 consumers in the market for good X. The quantities demanded by each consumer at each price between $1 and $5 are shown in the following table:

Quantity demanded

Price of X

Consumer 1

Consumer 2

Consumer 3

Market

demand

$5

0

50

100

______

4

0

100

200

______

3

0

150

250

______

2

50

200

300

______

1

100

300

400

______

a. Using the following axes, draw the demand curve for each of the 3 consumers. Label the three curves D₁, D₂, and D₃, respectively.

b. Fill in the blanks in the table for the market quantity demanded at each price.

c. Construct the market demand curve in the graph, and label it D_M.

d. Construct the marginal benefit curve in the graph, and label it MB.

e. What is the marginal benefit of the 550th unit?

f. Is the marginal benefit the same for all consumers when 550 units are consumed? Explain.