Chap005.5 - Applying the Rational Spending Rule Individual...

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5 Chapter 5: Demand: The Benefit Side of the Market Slide 25 Applying the Rational Spending Rule ± Economic Naturalist z Why are automobile engines smaller in England than in the United States? Chapter 5: Demand: The Benefit Side of the Market Slide 26 Individual and Market Demand Curves for Coffee Price ($/can) Smith’s quantity 12 6 14 16 10 8 6 4 2 0 (cans/week) 24 8 Jones’s quantity 12 6 14 16 10 8 6 4 2 0 (cans/week) 8 Smith Jones + Horizontal Addition Chapter 5: Demand: The Benefit Side of the Market Slide 27 Individual and Market Demand Curves for Coffee Total quantity 12 6 14 16 10 8 6 4 2 0 (cans/week) 8 12 10 = Market Demand curve Chapter 5: Demand: The Benefit Side of the Market Slide 28 The Individual and Market Demand Curves When All Buyers Have Identical Demand Curves Total quantity
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