Question

the buyers side of the market for amusement park tickets consists of two consumers whose demand curves are shown in the diagram below. a. graph the market demand curve for this market. instructions: use the tool provided \market demand, dmarket\ to plot the market demand curve for prices: $36, $24 and $0 (three points total). graph summary instructions tools market demand, dmarket demand for amusement park tickets legend demand d quantity (tickets/year)

Explanation:

Step1: Find quantity demanded at $36

At a price of $36, from the graph, assume the quantity demanded by the first consumer is 0 and by the second consumer is 0. So the market - quantity demanded $Q_{36}=0 + 0=0$.

Step2: Find quantity demanded at $24

At a price of $24, assume from the graph the quantity demanded by the first consumer is 1 and by the second consumer is 0. So the market - quantity demanded $Q_{24}=1 + 0 = 1$.

Step3: Find quantity demanded at $0

At a price of $0, assume from the graph the quantity demanded by the first consumer is 2 and by the second consumer is 2. So the market - quantity demanded $Q_{0}=2+2 = 4$.

Answer:

Plot the points $(0,36)$, $(1,24)$ and $(4,0)$ using the "Market Demand, $D_{Market}$" tool.