Question

Suppose there are only three people in the economy: Jane, Harry, and Bob. The individual demand for corn for each of these consumers is given in Exhibit 3-1. The total quantity demanded of corn if the market price is $5 is Group of answer choices

Answer 1

Answer: 35

Explanation:

The individual demand for corn for each of these consumers as given in Exhibit 3-1.

QD = 40 - P

With Market Price, P = $5

Quantity Demanded, QD = 40 - 5

= 35