Assume That the Market for Cheeseburgers Consists of Only Three

question 94

Essay

Assume that the market for cheeseburgers consists of only three individuals: Jerry, George, and Elaine. Here are their demand schedules: $$\begin{array} { l l l l l l } \hline \text { Price } & \begin{array} { l } \text { Jerry's } \\\text { Demand }\end{array} & \text { Price } & \begin{array} { c } \text { George's } \\\text { Demand }\end{array} & \text { Price } & \begin{array} { c } \text { Elaine's } \\\text { Demand }\end{array} \\\hline \$ 0 & 5 & \$ 0 & 8 & \$ 0 & 2 \\\$ 2 & 4 & \$ 2 & 7 & \$ 2 & 2 \\\$ 4 & 4 & \$ 4 & 7 & \$ 4 & 1 \\\$ 6 & 3 & \$ 6 & 6 & \$ 6 & 1 \\\$ 8 & 2 & \$ 8 & 5 & \$ 8 & 0 \\\$ 10 & 1 & \$ 10 & 4 & \$ 10 & 0 \\\hline\end{array}$$ From the information in demand schedules, answer the following questions:
a. If the price of a cheeseburger was $2, how many cheeseburgers would be sold?
b. If the price of a cheeseburger was $8, how many cheeseburgers would be sold?
c. Construct the market demand schedule for cheeseburgers.