Assume that the market for cheeseburgers consists of only three individuals: Jerry, George, and Elaine. Here are their demand schedules:
|
Price
|
Jerry's Demand
|
Price
|
George's Demand
|
Price
|
Elaine's Demand
|
|
$0
|
5
|
$0
|
8
|
$0
|
2
|
|
$2
|
4
|
$2
|
7
|
$2
|
2
|
|
$4
|
4
|
$4
|
7
|
$4
|
1
|
|
$6
|
3
|
$6
|
6
|
$6
|
1
|
|
$8
|
2
|
$8
|
5
|
$8
|
0
|
|
$10
|
1
|
$10
|
4
|
$10
|
0
|
From the information in demand schedules, answer the following questions:
a. If the price of a cheeseburger were $2, how many cheeseburgers would be sold? 6.
b. If the price of a cheeseburger were $8, how many cheeseburgers would be sold?
c. Construct the market demand schedule for cheeseburgers