Answer to Question #283192 in Microeconomics for Faizi

Question

Lee’s and Lou’s demand schedules for CDs are: Quantity demanded by Price Lee Lou (euros per CD) (CDs per year) 6 12 10 8 98 10 6 6 12 3 4 14 0 2 If Lee and Lou are the only two individuals, what is the market demand for CDs?

Answer 1

To get the market demand, we will sum the quantity demanded by Lee and Lou at the respective prices. For instance, at price 6, the market demand will be 22, that is, 12+10.