Suppose that the demand curve for garbanzo beans is given by

Q = 20 – P

Where Q is thousands of pounds of beans bought per week and P is the price in dollars per pound.

a. How many beans will be bought at P = 0?

b. At what price does the quantity demanded of beans become 0?

c. Calculate total expenditures (P · Q) for beans of each whole dollar price between the prices identified in part a and part b.

d. What price for beans yields the highest total expenditures?

e. Suppose the demand for beans shifted to Q = 40 – 2P. How would your answers to part a through part d change? Explain the differences intuitively and with a graph.