Questions: The accompanying table contains the individual demand schedules of dark chocolate for Vanessa and Angela. They are the only people in the market for dark chocolate. Place each of their individual demand curves and the market demand curve at the correct locations on the accompanying graph. Price of dark chocolate (per pound) Pounds of dark chocolate demanded by Vanessa Pounds of dark chocolate demanded by Angela --------- 8 1 3 1 3 5 Market for Dark Chocolate After a while, Angela gets sick of eating the bitter chocolate and decides to cut back on dark chocolate and enjoy white chocolate more. What happens as a result of Angela's decision? Select all of the correct answers. - Vanessa's individual demand for dark chocolate increases to compensate for Angela's decreased demand. - The market demand for dark chocolate will decrease. - Angela's individual demand for dark chocolate decreases. - Angela's individual demand for white chocolate increases.

The accompanying table contains the individual demand schedules of dark chocolate for Vanessa and Angela. They are the only people in the market for dark chocolate. Place each of their individual demand curves and the market demand curve at the correct locations on the accompanying graph. Price of dark chocolate (per pound) Pounds of dark chocolate demanded by Vanessa Pounds of dark chocolate demanded by Angela --------- 8 1 3 1 3 5 Market for Dark Chocolate After a while, Angela gets sick of eating the bitter chocolate and decides to cut back on dark chocolate and enjoy white chocolate more. What happens as a result of Angela's decision? Select all of the correct answers. - Vanessa's individual demand for dark chocolate increases to compensate for Angela's decreased demand. - The market demand for dark chocolate will decrease. - Angela's individual demand for dark chocolate decreases. - Angela's individual demand for white chocolate increases.
Transcript text: The accompanying table contains the individual demand schedules of dark chocolate for Vanessa and Angela. They are the only people in the market for dark chocolate. Place each of their individual demand curves and the market demand curve at the correct locations on the accompanying graph. \begin{tabular}{|c|c|c|} \hline \begin{tabular}{c} Price of dark \\ chocolate \\ (per pound) \end{tabular} & \begin{tabular}{c} Pounds of dark chocolate demanded \\ by Vanessa \end{tabular} & \begin{tabular}{c} Pounds of dark chocolate demanded \\ by Angela \end{tabular} \\ \hline$\$ 8$ & 1 & 3 \\ \hline$\$ 1$ & 3 & 5 \\ \hline \end{tabular} Market for Dark Chocolate After a while, Angela gets sick of eating the bitter chocolate and decides to cut back on dark chocolate and enjoy white chocolate more. What happens as a result of Angela's decision? Select all of the correct answers. Vanessa's individual demand for dark chocolate increases to compensate for Angela's decreased demand. The market demand for dark chocolate will decrease. Angela's individual demand for dark chocolate decreases. Angela's individual demand for white chocolate increases.
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Solution

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Solution Steps

Step 1: Plot Vanessa's Demand Curve
  • At a price of $8 per pound, Vanessa demands 1 pound of dark chocolate.
  • At a price of $1 per pound, Vanessa demands 3 pounds of dark chocolate.
  • Plot these points on the graph for Vanessa's demand curve:
    • (1, 8)
    • (3, 1)
Step 2: Plot Angela's Demand Curve
  • At a price of $8 per pound, Angela demands 3 pounds of dark chocolate.
  • At a price of $1 per pound, Angela demands 5 pounds of dark chocolate.
  • Plot these points on the graph for Angela's demand curve:
    • (3, 8)
    • (5, 1)
Step 3: Plot the Market Demand Curve
  • The market demand is the sum of Vanessa's and Angela's demand at each price level.
  • At $8 per pound:
    • Vanessa: 1 pound
    • Angela: 3 pounds
    • Market: 1 + 3 = 4 pounds
  • At $1 per pound:
    • Vanessa: 3 pounds
    • Angela: 5 pounds
    • Market: 3 + 5 = 8 pounds
  • Plot these points on the graph for the market demand curve:
    • (4, 8)
    • (8, 1)

Final Answer

  • Vanessa's demand curve points: (1, 8) and (3, 1)
  • Angela's demand curve points: (3, 8) and (5, 1)
  • Market demand curve points: (4, 8) and (8, 1)
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