Fr What is your individual demand? 1 Imagine your favourite chocolate bar was on offer at a number of possible prices. How many bars of chocolate would you be prepared to buy each month at each possible price? Price of a chocolate bar (cents) Your demand per week 2 Copy and complete the table. You have now completed your demand schedule for the chocolate bar, that is, a table of figures relating quantity demanded to price. Use this information to plot a line graph below to show your individual demand curve for the chocolate bar. 150 100 > 0 T T T T 1 2 3 4 QUANTITY OF CHOCOLATE BARS PER WEEK PRICE OF A CHOCOLATE BAR (cents) a o w Which of the following statements applies to your demand curve? a It shows that as price rises, quantity demanded falls, and as price falls, quantity demanded rises. b It is downward sloping. c Price and quantity demanded move in opposite directions. Scanned with CamScanner=—= | Market demand curve Producers of orange light bulbs have the following information about the amount of orange light bulbs consumers will buy each month given a number of possible prices. The market demand schedule is as follows. Price of an orange light bulb (cents) | Market demand per month 50 100,000 | | 7 150,000 j 30 200,000 20 260,000 370,000 450,000 | 1 With price on the vertical axis, and quantity per month along the bottom axis, plot the market demand curve for orange light bulbs and label it DD. - Scanned with CamScannerUse the graph to work out how many orange light bulbs would be demanded at a price of: a 35 cents b 15 cents. If orange light bulb producers together wished to sell the following amount of bulbs each year, approximately what price should they charge? a 225,000 b 400,000 Explain why the market demand curve for orange light bulbs slopes downwards. Explain the difference between individual demand and market demand. Scanned with CamScanner