Question

exhibit 3-1 market demand
alexis
diego
taymour
suppose there are only three people in the economy: alexis, diego, and taymour. the individual demand for corn for each of these consumer is given in exhibit 3-1. the total quantity demanded of corn if the market price is $5 is:
a. 3.
b. 26.
c. 25.
d. 17.

Explanation:

Step1: Find Alexis's quantity at $5

From Alexis's graph, at price = $5, quantity demanded = 0 (since her demand only goes up to $4 for quantity 2; at $5, she buys 0).

Step2: Find Diego's quantity at $5

From Diego's graph, at price = $5, quantity demanded = 8.

Step3: Find Taymour's quantity at $5

From Taymour's graph, at price = $5, quantity demanded = 17.

Step4: Sum total quantity demanded

Total = $0 + 8 + 17$

Answer:

d. 17.