Table 3-1

Kona Coffee
Price per lb.
(dollars) Luke's
Quantity Demanded (lbs.) Ravi's
Quantity Demanded (lbs.) Rest of Market
Quantity
Demanded (lbs.) Market
Quantity Demanded (lbs.)
$10 3 0 23
8 9 3 32
6 14 7 68
5 18 12 85
4 22 18 110

Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $6, the quantity demanded in the market would be

Question

Table 3-1

Kona Coffee
Price per lb.
(dollars)	Luke's
Quantity Demanded (lbs.)	Ravi's
Quantity Demanded (lbs.)	Rest of Market
Quantity
Demanded (lbs.)	Market
Quantity Demanded (lbs.)
$10	3	0	23	​
8	9	3	32	​
6	14	7	68	​
5	18	12	85	​
4	22	18	110	​

Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $6, the quantity demanded in the market would be

BlackTom AI · Accepted Answer

First, we restate the problem to focus on what is being asked. The table presents price per pound and quantities demanded by three groups: Luke, Ravi, and Rest of Market, at various prices. We are asked: At a price of $6, what is the quantity demanded in the market?

Option 1: 89 lbs. This option corresponds to summing the three components at $6: Luke's quantity (14 lbs) plus Ravi's quantity (7 lbs) plus Rest of Market quantity (68 lbs) = 14 + 7 + 68 = 89 lbs. This aligns with the concept of market demand as the total across all buyers at that price.

Option 2: 36 lbs. To get 36, someone might mistakenly add only two of the groups or misread the table. For instance, 14 + 7 would be 21, not 36, and omitting 68 lbs from the Rest of Market would yield a value far smaller than the actual market total. This shows a common error of excluding one group or misplacing digits.

Option 3: 123 lbs. This could result from double-counting or summing in the wrong order, such as adding all three groups and then mis-reading a value (e.g., treating 68 as 68 from the wrong column or adding an extra component). It illustrates a miscalculation by inflating the total beyond the actual sums of the three distinct demand components.

Option 4: 68 lbs. This figure matches only the Rest of Market demand at $6, ignoring Luke and Ravi entirely. It reflects a partial reading of the table, where one might mistakenly attribute the rest-of-market quantity as the entire market demand, thereby omitting two identified buyers.

In summary, the correct approach is to aggregate all three demand components at the given price, consistent with the definition of market demand as the total quantity demanded by all buyers in the market. The calculation is 14 (Luke) + 7 (Ravi) + 68 (Rest of Market) = 89 lbs, which supports Option 1 as the complete market quantity demanded at $6.

Spr25_ECON001A_39193 F. Quiz #2: Chapter 3

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Spr25_ECON001A_39193 F. Quiz #2: Chapter 3

View Explanation

Log in for full answers

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