Answer:
The answer is: 17
Explanation:
Demand is defined as the goods individuals are willing to purchase at the prevailing market prices. The demand curve expresses the relationship between the quantity demanded of goods at given market prices while holding all other factors constant. The given information expressed in tabular form is as follows:
Price Buyer1Qd Buyer2Qd Buyer3Qd Market Demand
$6 7 4 6 17
$5 9 7 8 24
$4 15 10 12 37
$3 21 15 16 52
In order to calculate total market demand, individual demand at the given prices are added horizontally, that is at a price of $6, total demand is 17, at $5 the total demand is 24 and so on. The higher the price the lower the quantity demanded and so on. The quantity demanded of a good and its price are inversely related.
