What’s the Use? Demand and Utility
The entire demand curve for a product—let’s stick with beef—is actually the sum of all consumers’ demand for the product. If you could determine every single consumer’s demand for beef—that is, the quantity that each would buy at various prices—and add up the quantities at each price, you would have the total demand for beef.
In other words, you would add them up horizontally. As Figure 6.1 shows, total demand is the sum of what individual consumers demand (say, per week) at various prices. Here, at $2 per pound, these two fictitious consumers, Jim and Diane, demand a total of 3 pounds of beef. Jim wants 2 pounds, and Diane wants 1 pound.
Obviously there are more than two people in the market for beef. But ...