The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different prices.Table 3.1

-Refer to Table 3.1. Calculate the market demand at prices $5, $4, $3, $2, and $1 respectively.
A)Market demand is 30, 40, 50, 60, and 70
B)Market demand is 30, 60, 90, 120, and 150
C)Market demand is 30, 50, 70, 90, and 1,100
D)Market demand is 10, 30, 40, 50, and 70
E)Market demand is 10, 20, 30, 40, and 50

Question

The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different prices.Table 3.1
 
-Refer to Table 3.1. Calculate the market demand at prices $5, $4, $3, $2, and $1 respectively.
A)Market demand is 30, 40, 50, 60, and 70 
B)Market demand is 30, 60, 90, 120, and 150 
C)Market demand is 30, 50, 70, 90, and 1,100 
D)Market demand is 10, 30, 40, 50, and 70 
E)Market demand is 10, 20, 30, 40, and 50

Quizplus · Accepted Answer

To calculate the market demand, we need to sum up the individual demands at each price level. So, at $5, the market demand is 10+20 = 30; at $4, the market demand is 20+40 = 60; at $3, the market demand is 30+60 = 90; at $2, the market demand is 40+80 = 120; and at $1, the market demand is 50+100 = 150. Therefore, the best choice is B.

The Table Given Below Reports the Quantity Demanded of a Good