In the table below, individual demand schedules for Tex, Dex and Rex are shown in addition to [total] market demand.
a. Fill in the missing values in this table.
Price
Tex
Qd
Dex
Qd
Rex
Qd
Total Quantity
Demanded
$8
4
2
1
7
4
3
9
6
5
4
14
5
5
7
23
4
6
8
8
b. (i) Which buyer demands the most at a price of $7?
(ii) Which buyer’s quantity demanded increases the least when the price is lowered from $7 to $6?
c. Which direction would the market demand curve shift if Tex withdrew from the market?
d. What if Dex doubled his purchases at each possible price?
e. Suppose that at a price of $6, the total quantity demanded increases from 14 to 22. Is this a ‘change in the quantity demanded’ or a ‘change in demand’?
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