Refer to the table that presents Mike and Janet's demand for apples by the bushel. If they are the only two in the market, a market demand curve derived from this data would show quantity demanded is:Price per peckMike Quantity in pecksJanet Quantity in pecks$1226$2183$3140$4100$560
A. 21 at price = $1 and 17 at price = $2.
B. 22 at price = $1 and 18 at price = $2.
C. 28 at price = $1 and 21 at price = $2.
D. 21 at price = $1 and 28 at price = $2.
Answer: C
You might also like to view...
The Herfindahl-Hirschman Index is the ________ of the percentage market share of each firm summed over the largest 50 firms in a market
A) sum B) square C) square root D) cube E) negative
Suppose the demand curve for movie tickets has unitary price elasticity and the supply curve is perfectly price elastic
If 3 million tickets are currently sold at a price of $5, approximately how much tax revenue could the government generate from a $1 specific tax? A) $18 million B) $3 million C) $2.5 million D) $1.5 million
The market demand for a monopoly firm is estimated to be:Qd = 100,000 - 500P + 2M + 500PRwhere Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. The average variable cost function is estimated to beAVC = 520 - 0.03Q + 0.000001Q2Total fixed cost in 2016 is expected to be $4 million. The estimated marginal cost function is
A. SMC = 260 - 0.03Q + 0.000015Q2. B. SMC = 260 - 0.015Q + 0.000005Q2. C. SMC = 520 - 0.06Q + 0.000003Q2. D. SMC = 520 - 0.03Q + 0.000002Q2. E. none of the above
Economists use the concept of ceteris paribus to examine a change in ____________ in a model, while assuming that all other variables remain constant.
Fill in the blank(s) with the appropriate word(s).