Lets assume that each person in the United States consumes an average of 37 gallons of so

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Letʼs assume that each person in the United States consumes an average of 37 gallons of so drinks (nondiet) at an average price of $2 per gallon and that the U.S. population is 294 million. At a price of $1.50 per gallon, each individual consumer would demand 50 gallons of so drinks. From this information about the individual demand schedule, calculate the market demand schedule for so drinks for the prices of $1.50 and $2 per gallon.

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Macroeconomics

ISBN: 9781319245269

6th Edition

Authors: Paul Krugman, Robin Wells

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