Answer to Question #180186 in Economics for hafsa

Question

a.      Suppose that Zimal and Zawaiyar are the only consumers of perfumes in a particular market. The following table shows their annual demand schedules:

 Price (Per Bottle of Perfume) Zimal’s Quantity Demanded Zawaiyar’s Quantity Demanded Market Supply

100 600 650 250

200 500 550 450

300 400 450 850

400 300 350 1050

500 200 250 1250

600 100 150 1450

Given the following information construct market demand curve and find the market equilibrium.

Answer 1

Price=3; Quantity=850