The following table shows the demand for notebooks of four consumers.

The following table shows the demand for notebooks of four consumers.

Price
($/unit) Consumer 1
Demand (units) Consumer 2 Demand (units) Consumer 3 Demand (units) Consumer 4 Demand (units)
$8 8 6 9 10
$6 16 10 15 18
$4 20 13 21 24
$1 22 17 24 27

Define the term “market demand.” If these four consumers constitute the entire market, calculate the market demand for notebooks at $1, $4, $6, and $8.

ANSWER

The term “market demand” refers to the sum of the individual demands of all potential buyers in a market.
Market demand at $1 = 22 + 17 + 24 + 27 = 90 units
Market demand at $4 = 20 + 13 + 21 + 24 = 78 units
Market demand at $6 = 16 + 10 + 15 + 18 = 59 units
Market demand at $8 = 8 + 6 + 9 + 10 = 33 units