Question

Suppose there are only three people in the economy: jane, harry, and bob. the individual demand for corn for each of these consumers is given in exhibit 3-1. the total quantity demanded of corn if the market price is $5 is ____.

Answer 1

Answer:

$25

Explanation:

Please check the attached image for a diagram of exhibit 3-1

The total quantity demanded can be found by adding the sum of the quantity demanded at $5.

Jane doesn't demand at $5, so her quantity demanded is 0

For Henry it is 8

For Bob, it is 17

Total quantity demanded ia 25

I hope my answer helps you