Question

The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table.

a. On the first graph, move the points to plot an individual demand curve for each person.

b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided.

Answer 1

The marginal benefit is the highest amount that an individual is willing to pay for a unit or units of good or service

Please find attached the required individual demand curve and market demand curve graphs to the questions a. and b.

The reasons for arriving at the attached graphs are also included

Question: The table that appear missing in the question is presented as follows;

$\begin{array}{|c|c|c|c|}\mathbf{Gallons \ Consumed} &\mathbf{Ang's \ Benefit}&\mathbf{Tony's \ Benefit}&\mathbf{Gianna's \ Benefit }\\1&\ 7&\ 4&\ 8\\2&\ 5&\ 3&\ 6\\3&\ 3&\ 2&\ 4\\4&\ 1&\ 1&\ 2\end{array}\right]$

a. The graph of the individual demand curve which represents the marginal benefit derived by each buyer based on the above table is attached

b. The market demand curve for gasoline can be found given that only people in the market are Ang, Tony, and Gianna, by adding the quantity that is purchased by each person at each price as follows;

$\begin{array}{|c|c|c|c|c|}\mathbf{Price}&\mathbf{Ang}&\mathbf{Tony}&\mathbf{Gianna}&\mathbf{Market}\\1&4&4&-&8\\2&-&3&4&7\\3&3&2&-&5\\4&-&1&3&4\\5&2&-&-&2\\6&-&-&2&2\\7 &1&-&-&1\\8&-&-&1&1\end{array}\right]$

Please find attached the market demand curve for gasoline plotted according to the dataset provided

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