markets1 - Additional Problem 1: Market Analysis Use the...

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Market Analysis Use the information in the table to answer the following questions. Tom’s Demand Dick’s Demand Harry’s Demand Beer Price (per 6 pack) Quantity of Beer Demanded Beer Price (per 6 pack) Quantity of Beer Demanded Beer Price (per 6 pack) Quantity of Beer Demanded $10 0 $10 1 $10 0 9 0 9 3 9 1 8 0 8 5 8 5 7 1 7 7 7 8 6 2 6 9 6 11 5 4 5 12 5 12 4 6 4 15 4 15 3 10 3 18 3 18 2 15 2 21 2 20 1 21 1 24 1 23 0 25 0 25 0 25 1. Draw Tom, Dick, and Harry’s individual demand curves for beer. Use graph paper to aid your construction. 2. Draw the market demand curve for beer assuming that Tom, Dick, and Harry are the only consumers in the market. 3. Assume that demands for beer by Tom and Dick double, and is cut in half for Harry. Redraw each individual’s demand curve and then redraw the market demand curve. 4. Offer several explanations as to why Tom and Dick’s demands double for beer. (a)
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markets1 - Additional Problem 1: Market Analysis Use the...

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