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There are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex
- There are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex for candy are given in the table below.
Fill in the table for the missing values, and answer the following question:
- which buyer demands the least at a P of $5? The most at a P of $7?
- which buyer's Qd increases the most when P is lowered from $7 to $6?
- how will market demand shift if Tex withdraws from the market? What if Dex doubled his purchases at each possible price?
- suppose that at a price of $6, Qd increases from 19 to 38. Is this a "change in the quantity demanded" or a "change in demand"?
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