Table 3-3

-Refer to Table 3-3. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $6, the quantity demanded in the market would be
A) 36 lb.
B) 68 lb.
C) 89 lb.
D) 123 lb.

Question

Table 3-3
 
-Refer to Table 3-3. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $6, the quantity demanded in the market would be
A) 36 lb. 
B) 68 lb. 
C) 89 lb. 
D) 123 lb.

Quizplus · Accepted Answer

The market demand is the sum of the individual demands. At $6, if Luke demands X lbs, Ravi demands Y lbs, and the rest of the market demands Z lbs, then the total market demand is X + Y + Z = 89 lbs.

Table 3-3 -Refer to Table 3-3. the Table Above Shows the Demand