Macmillan Learning The accompanying table contains the individual demand schedules of dark chocolate for Vanessa and Angela. They are the only people in the market for dark chocolate. Place each of their individual demand curves and the market demand curve at the correct locations on the accompanying graph. Price of dark chocolate ($/lb) Price of dark chocolate (per pound) 10 9 8 7 6 5 4 3 2 1 0 0 $8 $1 1 Pounds of dark chocolate demanded by Vanessa Vanessa 1 Market for Dark Chocolate Angela 3 2 3 4 5 6 7 Quantity of dark chocolate (pounds) Market 8 9 10 Pounds of dark chocolate demanded by Angels 3 5 After a while, Angela gets sick of eating the bitter chocolate and decides to cut back on dark chocolate and enjoy white chocolate more. What happens as a result of Angela's decision? Select all of the correct answers. Angela's individual demand for dark chocolate decreases. Vanessa's individual demand for dark chocolate increases to compensate for Angela's decreased demand. Angela's individual demand for white chocolate increases. The market demand for dark chocolate will decrease.
Macmillan Learning The accompanying table contains the individual demand schedules of dark chocolate for Vanessa and Angela. They are the only people in the market for dark chocolate. Place each of their individual demand curves and the market demand curve at the correct locations on the accompanying graph. Price of dark chocolate ($/lb) Price of dark chocolate (per pound) 10 9 8 7 6 5 4 3 2 1 0 0 $8 $1 1 Pounds of dark chocolate demanded by Vanessa Vanessa 1 Market for Dark Chocolate Angela 3 2 3 4 5 6 7 Quantity of dark chocolate (pounds) Market 8 9 10 Pounds of dark chocolate demanded by Angels 3 5 After a while, Angela gets sick of eating the bitter chocolate and decides to cut back on dark chocolate and enjoy white chocolate more. What happens as a result of Angela's decision? Select all of the correct answers. Angela's individual demand for dark chocolate decreases. Vanessa's individual demand for dark chocolate increases to compensate for Angela's decreased demand. Angela's individual demand for white chocolate increases. The market demand for dark chocolate will decrease.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 7PA: Maria has decided always to spend one third of her income on clothing. a. What is her income...
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