Suppose that 1,000 people in a market each have the same monthly demand curve for bottled water,
Question:
Suppose that 1,000 people in a market each have the same monthly demand curve for bottled water, given by the equation QD = 100 – 25P, where P is the price for a 12-ounce bottle in dollars.
a. How many bottles would be demanded in the entire market if the price is $1?
b. How many bottles would be demanded in the entire market if the price is $2?
c. Provide an equation for the market demand curve, showing how the market quantity demanded by all 1,000 consumers depends on the price.
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Given equation is QD10025P a Quantity demanded if price if 1 Ans P1 Putting it in the given ...View the full answer
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Related Book For
Macroeconomics Principles and Applications
ISBN: 978-1133265238
5th edition
Authors: Robert e. hall, marc Lieberman
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