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In a market, there are 20 consumers of a good and the demand of each individual consumer is similar as given below:

Price

Demand of each consumer

10

18

8

20

4

24

2

28

 

Calculate the market demand for the good.

Asked by Topperlearning User 25th April 2016, 9:33 AM
Answered by Expert
Answer:

As the individual demand of each consumer is similar for 20 consumers, the market of the good can be calculated as follows:

Price

Individual demand

Market demand

10

18

18 * 20 = 360

8

20

20 * 20 = 400

4

24

24 * 20 = 480

2

28

28 * 20 = 560

 

Answered by Expert 25th April 2016, 11:33 AM
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