Figure 4-2[table]
Consumer 1 | Consumer 2
|
[/table]Refer to Figure 4-2.If these are the only two consumers in the market, then the market quantity demanded at a price of $15 is

Question

Figure 4-2​[table]
Consumer 1 | Consumer 2
|
[/table]​Refer to Figure 4-2.If these are the only two consumers in the market, then the market quantity demanded at a price of $15 is

BlackTom AI · Accepted Answer

We begin by restating the problem and the given data to anchor our analysis. The question refers to Figure 4-2 with two separate demand curves, one for Consumer 1 and one for Consumer 2. We are asked to find the market quantity demanded at a price of $15 when these are the only two consumers in the market. Since market quantity demanded is the sum of the quantities demanded by each individual consumer at that price, we must read off each consumer’s quantity demanded from their respective demand curves at P = 15, and then add them together.

For Consumer 1 (top graph): The axis shows Price (vertical) and Quantity (horizontal), with a downward-sloping demand line. If the line is interpreted as starting at a higher price when quantity is near zero and moving toward lower prices as quantity increases, we locate P = 15 on the vertical axis and move horizontally to intersect the Consumer 1 demand line, then drop down to the quantity axis to read Q1. Depending on the exact intercepts and slope shown in the diagram, there is a corresponding quantity read from the graph. The precise reading will depend on the graph’s coordinates, but the standard interpretation is that as price falls from the intercept toward the origin, quantity demanded increases.

For Consumer 2 (bottom graph): Similarly, locate P = 15 on the vertical axis and trace to the Consumer 2 demand line, then read off the corresponding quantity demanded Q2 on the horizontal axis. The bottom graph has a different intercept and slope, so the resulting Q2 may differ from Q1 even at the same price. The relationship follows the same logic: lower price leads to higher quantity demanded along the downward-sloping demand curve.

Once both Q1 and Q2 are obtained, the market quantity demanded at P = 15 is simply Q Market = Q1 + Q2, since there are only two consumers in the market and market demand is the horizontal sum of individual demands.

Now consider potential answer choices in a typical setup:
- If an option states a positive total like 20, 25, or another positive number, that would reflect the sum of the two individual quantities read from the graphs.
- If an option states 0 units, that would imply either both individuals have zero quantity demanded at P = 15 (which would require the price to be at or above their reservation levels for both) or a misreading of the graphs. In standard downward-sloping demand graphs, a price of 15 is usually within the range where at least some quantity is demanded unless the intercepts are extremely low.

To evaluate the answer options, one would carefully read each consumer’s quantity at P = 15 from their respective graphs, add them, and compare to the listed option. If the only provided option is 0 units, that would indicate either an interpretation where both consumers’ demands are zero at P = 15 or a scenario where the graph’s intercepts occur at prices above 15, but that would need to be consistent with the plotted coordinates. Absent explicit coordinate labels on the axes in the description, the exact numerical readoffs require precise graph interpretation.

In summary, the method is straightforward: determine Q1 from Consumer 1’s demand at P = 15, determine Q2 from Consumer 2’s demand at P = 15, then compute Q Market = Q1 + Q2. The final numerical value depends on the exact intercepts and slopes of the two demand curves as drawn in Figure 4-2, which should be read directly from the graphs.

Figure 4-2[table] Consumer 1 | Consumer 2 | [/table]Refer to Figure 4-2.If these are the only two consumers in the market, then the market quantity demanded at a price of $15 is

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