iv. The opportunity cost of buying two bags of popcorn is: A. 1 Coke B. 2...

 

Transcribed Image Text:

iv. The opportunity cost of buying two bags of popcorn is: A. 1 Coke B. 2 Cokes C. 3 Cokes D. 4 Cokes 2. ("Market Demand," pg. 49-50) The table below shows the demand for wheat in a market where there are just three buyers. Buyer 3 Qd 3 4 6 7 8 10 12 3 15 16 Refer to the above table. At a price of $5, the market demand for wheat is: A. 9 B. C. 37 D. 24 120 Price $6 Buyer 1 Buyer 2 Qd 1 Od 2 5 4 A. 8,500 B. 12,000 C. 18,500 D. 26,000 7 9 15 21 ii. The market quantity demanded for wheat is: A. 17 bushels at $6 and 37 bushels at $5 B. 24 bushels at $5 and 52 bushels at $4 C. 37 bushels at $4 and 52 bushels at $3 D. 52 bushels at $3 and 37 bushels at $5 iii. Suppose there are 500 buyers, each of whom has a demand schedule that's identical to the total market demand of the three buyers in the table above. The quantity of wheat demanded at $5 by the 500 buyers will be: iv. The opportunity cost of buying two bags of popcorn is: A. 1 Coke B. 2 Cokes C. 3 Cokes D. 4 Cokes 2. ("Market Demand," pg. 49-50) The table below shows the demand for wheat in a market where there are just three buyers. Buyer 3 Qd 3 4 6 7 8 10 12 3 15 16 Refer to the above table. At a price of $5, the market demand for wheat is: A. 9 B. C. 37 D. 24 120 Price $6 Buyer 1 Buyer 2 Qd 1 Od 2 5 4 A. 8,500 B. 12,000 C. 18,500 D. 26,000 7 9 15 21 ii. The market quantity demanded for wheat is: A. 17 bushels at $6 and 37 bushels at $5 B. 24 bushels at $5 and 52 bushels at $4 C. 37 bushels at $4 and 52 bushels at $3 D. 52 bushels at $3 and 37 bushels at $5 iii. Suppose there are 500 buyers, each of whom has a demand schedule that's identical to the total market demand of the three buyers in the table above. The quantity of wheat demanded at $5 by the 500 buyers will be:

Answer rating: 100% (QA)

The detailed answer for the above question is provi... View the full answer