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

question 25

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:

Dollar Terms

Financial transactions or economic measurements that are denominated in the U.S. dollar currency.

Opportunity Cost

Opportunity cost is the value of the next best alternative foregone as the result of making a decision, essentially what you give up to get something else.

Benefits

Various forms of value or advantages that individuals or organizations receive, which can include health insurance, pensions, or profits.

Costs

The expenditure required to produce, acquire, or maintain a product or service, including materials, labor, and overhead expenses.