Please explain well how you got the answers! I need to know how/why to do well o

Question

Please explain well how you got the answers! I need to know how/why to do well on the test :)

20. The following table shows the demand schedules of three consumers of wine. Assume that these three buvers constitute the entire market Price $Bottle) $8 $6 $4 $2 Sandra's Demand David's Demand Mary's Demand (Bottles) 10 18 24 28 (Bottles) (Bottles) 15 23 27 14 24 If the market price of wine is $4/bottle, and the market demand for wine is 65 bottles, Sandra's demand for wine is: A. 18 bottles B. 40 bottles C. 47 bottles D. 111 bottles

Explanation / Answer

20. If the market price of wine is $4/bottle and the market demand for wine is 65 bottles. Then , Sandra's demandfor wine is 18 bottles.

Because Market demand = Sandra's demand + David's demand + Mary's demand

65 bottles = sandra's demand + 23 + 24

65 - 23- 24 = Sandra's demand for bottles

Sandra's demand for bottles = 18 bottles.

21. Assuming the market consits of only to cosumers, then market demand for pens when the price is $4 is 65 units of pens.

Because when Price is $4 , the from the question figure we can see that

market demand = Consumer 1 demand + consumer 2 demand

Market demand = 25 units + 40 units

Market demand at $4 price = 65 units of pens.

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