Question

Mary purchases 9 pens at a price of $4 per pen. jim purchases 3 pens at a price of $4 per pen. harry purchases 1 pens at a price of $4 per pen. what is the total market demand for pen

Answer 1

The total market demand for pens is 13.

Step-by-step explanation:

Market demand is the sum of individual quantities demanded at a given price. In this case, Mary purchases 9 pens, Jim purchases 3, and Harry purchases 1. To find the total market demand, we add these individual quantities:

`\[ \text{Total Market Demand} = \text{Mary's Quantity} + \text{Jim's Quantity} + \text{Harry's Quantity} \]`

`\[ \text{Total Market Demand} = 9 + 3 + 1 = 13 \]`

Therefore, the total market demand for pens is 13. Each individual's purchase contributes to the overall demand for pens in the market. Mary's purchase of 9 pens has the most significant impact on the total demand, followed by Jim's 3 pens and Harry's 1 pen. Understanding market demand is crucial for businesses to determine production levels and pricing strategies, ensuring they meet the needs of the consumers efficiently.

In summary, the total market demand for pens is determined by summing the quantities demanded by each individual, reflecting the combined preferences and needs of Mary, Jim, and Harry. This simple arithmetic calculation provides a snapshot of the market's appetite for pens, essential information for businesses to make informed decisions about their supply and pricing strategies.

The complete question is:

"Mary purchases 9 pens at a price of $4 per pen, Jim purchases 3 pens at a price of $4 per pen, and Harry purchases 1 pen at a price of $4 per pen. Considering these individual purchases, what is the total market demand for pens at this price point?"