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Answer :
Sure! Let's work through the solution step-by-step. This question asks us to determine the change in market quantity demanded when the price of cashews drops from [tex]$4 to $[/tex]2.
1. Determine the Initial Market Quantity Demanded at [tex]$4:
- Jordy demands 5 lbs of cashews.
- Amy demands 9 lbs of cashews.
- The rest of the market demands 128 lbs of cashews.
To find the total market quantity demanded at this price, we add these values together:
\[
\text{Initial Market Demand} = 5 \, (\text{Jordy}) + 9 \, (\text{Amy}) + 128 \, (\text{Rest of Market}) = 142 \, \text{lbs}
\]
2. Determine the Final Market Quantity Demanded at $[/tex]2:
- Jordy demands 8 lbs of cashews.
- Amy demands 14 lbs of cashews.
- The rest of the market demands 156 lbs of cashews.
Again, add these values to find the total market quantity demanded:
[tex]\[
\text{Final Market Demand} = 8 \, (\text{Jordy}) + 14 \, (\text{Amy}) + 156 \, (\text{Rest of Market}) = 178 \, \text{lbs}
\][/tex]
3. Calculate the Change in Market Quantity Demanded:
The change is the difference between the final and initial market demand:
[tex]\[
\text{Change in Demand} = 178 \, \text{lbs (Final Demand)} - 142 \, \text{lbs (Initial Demand)} = 36 \, \text{lbs}
\][/tex]
Therefore, if the price of cashews falls from [tex]$4 to $[/tex]2, the market quantity demanded would increase by 36 lbs.
1. Determine the Initial Market Quantity Demanded at [tex]$4:
- Jordy demands 5 lbs of cashews.
- Amy demands 9 lbs of cashews.
- The rest of the market demands 128 lbs of cashews.
To find the total market quantity demanded at this price, we add these values together:
\[
\text{Initial Market Demand} = 5 \, (\text{Jordy}) + 9 \, (\text{Amy}) + 128 \, (\text{Rest of Market}) = 142 \, \text{lbs}
\]
2. Determine the Final Market Quantity Demanded at $[/tex]2:
- Jordy demands 8 lbs of cashews.
- Amy demands 14 lbs of cashews.
- The rest of the market demands 156 lbs of cashews.
Again, add these values to find the total market quantity demanded:
[tex]\[
\text{Final Market Demand} = 8 \, (\text{Jordy}) + 14 \, (\text{Amy}) + 156 \, (\text{Rest of Market}) = 178 \, \text{lbs}
\][/tex]
3. Calculate the Change in Market Quantity Demanded:
The change is the difference between the final and initial market demand:
[tex]\[
\text{Change in Demand} = 178 \, \text{lbs (Final Demand)} - 142 \, \text{lbs (Initial Demand)} = 36 \, \text{lbs}
\][/tex]
Therefore, if the price of cashews falls from [tex]$4 to $[/tex]2, the market quantity demanded would increase by 36 lbs.
Thanks for taking the time to read Refer to Table 3 2 The table below shows the demand schedules for cashews of two individuals Jordy and Amy and the rest of the. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
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