Consider the Following Demand Table, Which Represents the Demand for Comic

question 30

Essay

Consider the following demand table, which represents the demand for comic books by John, Liz, and Alex. $$\begin{array} { | c | r | r | r | r | r | } \hline & \begin{array} { c } \text { Price } \\\text { (in } \$ \text { ) }\end{array} & \begin{array} { c } \text { John's } \\\text { Demand }\end{array} & \begin{array} { c } \text { Liz's } \\\text { Demand }\end{array} & \begin{array} { c } \text { Alex's } \\\text { Demand }\end{array} & \begin{array} { c } \text { Market } \\\text { Demand }\end{array} \\\hline \mathrm { A } & \$ 2 & 4 & 10 & 6 & \\\hline \mathrm { B } & 4 & 4 & 9 & 5 & \\\hline \mathrm { C } & 6 & 0 & 8 & 4 & \\\hline \mathrm { D } & 8 & 0 & 7 & 3 & \\\hline \mathrm { E } & 10 & 0 & 6 & 2 & \\\hline \mathrm { F } & 12 & 0 & 5 & 1 & \\\hline \mathrm { G } & 14 & 0 & 4 & 0 & \\\hline \mathrm { H } & 16 & 0 & 3 & 0 & \\\hline\end{array}$$ (a) Fill in the "market demand" column of the above table.
(b) Use the grid below to draw the demand curves for comic books of John, Liz, and Alex. Then draw in the market demand curve. (c) Notice that Liz's demand is everywhere to the right of Alex's demand. Can you conclude from this that Liz likes comic books more than Alex does? Explain.

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Definitions:

Base Pay

The initial rate of compensation that an employee receives in exchange for their services, not including benefits, bonuses, or any other potential compensation.

Permanent Adjustment

A change in a workplace or work procedure that is intended to remain in effect indefinitely.

Merit Pay System

A compensation approach where employee pay increases are based on their performance, often assessed through performance appraisals.

Teenage Son

A male child in the age range of 13 to 19 years.