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A man lives in a small town with only one restaurant. The restaurant, run by an eccentric old gentleman, offers a dinner menu on which every dish is the same price. Each month he posts the price of the meal in the window. The following table lists the number of times the man goes out to dinner at the restaurant during the month, according to the posted price of the dinner. price per meal ($) Quantity Demanded (number of times the man eats at the restaurant in the month) $3 25 6 12 9 8 12 6 15 4
a. How many times per month does the man eat at the restaurant if the price per meal is $12?
b. How many times does the man eat at the restaurant if the price per meal is $3?
c. Do you answers to a) and b) reflect the law of supply or the law of demand?
d. Plot the demand curve on a graph. Be sure to label the horizontal and vertical axes.
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