Suppose spencer and kate are the only two demanders of lemonade. each month, spencer buys six glasses of lemonade when the price is $1.00 per glass, and he buys four glasses when the price is $1.50 per glass. each month, kate buys four glasses of lemonade when the price is $1.00 per glass, and she buys two glasses when the price is $1.50 per glass. which of the following points is on the market demand curve?
a. (quantity demanded = 2, price = $1.50)
b. (quantity demanded = 4, price = $2.50)
c. (quantity demanded = 10, price = $1.00)
d. (quantity demanded = 16, price = $2.50)

The correct answer is option C.

Explanation:

Spencer and Kate are only two consumers of lemonade.

Spencer buys six glasses of lemonade when the price is $1/glass.

When the price is $1.5, he buys four glasses.

Kate buys four glasses when the price is $1.

She buys two glasses when the price is $1.5.

A market demand curve is the sum of individual demand curves.

So at price level $1, the market demand will be

= 6 glasses + 4 glasses

= 10 glasses

At price $1.5 , the market demand will be

= 4 glasses + 2 glasses

= 6 glasses

So the points on the market demand curve will be, quantity demanded = 10, price = $1 and quantity demanded = 6 and price = $1.5

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.

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