Questions: Demand: Thinking Like a Buyer - End of Chapter Problem The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table. a. On the first graph, move the points to plot an individual demand curve for each person. b. Assuming there are only these three people in the market, graph the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided. Round down to the nearest price per gallon for each consumer. Gallons consumed per week Ang's marginal benefit Tony's marginal benefit Gianna's marginal benefit ------------ 1 7 4 8 2 5 3 6 3 3 2 4 4 1 1

Transcript text: Demand: Thinking Like a Buyer - End of Chapter Problem The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table. a. On the first graph, move the points to plot an individual demand curve for each person. b. Assuming there are only these three people in the market, graph the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided. Round down to the nearest price per gallon for each consumer. \begin{tabular}{|c|c|c|c|} \hline \begin{tabular}{c} Gallons \\ consumed \\ per week \end{tabular} & \begin{tabular}{c} Ang's \\ marginal \\ benefit \end{tabular} & \begin{tabular}{c} Tony's \\ marginal \\ benefit \end{tabular} & \begin{tabular}{c} Gianna's \\ marginal \\ benefit \end{tabular} \\ \hline 1 & $\$ 7$ & $\$ 4$ & $\$ 8$ \\ \hline 2 & $\$ 5$ & $\$ 3$ & $\$ 6$ \\ \hline 3 & $\$ 3$ & $\$ 2$ & $\$ 4$ \\ \hline 4 & $\$ 1$ & $\$ 1$ & $\$ \$$ \\ \hline \end{tabular}