Question
1. Suppose the demand function for strawberries is given by QsubscriptD = 300 - 10p-20p subscript c, where p is the price of strawberries, and
1. Suppose the demand function for strawberries is given by QsubscriptD = 300 - 10p-20p subscript c, where p is the price of strawberries, and p subscript c is the price of cream. If p subscript c equals $ 3, what is the demand curve for strawberries? a. Q subscript D = 270 - 20 p b. Q subscript D = 280-10 p c. Q subscript D = 240 - 10 p d. Q subscript D = 300 - 20 p
2. Suppose the market demand curve for oranges is Q = 300 - 50p. What is quantity demanded if p = $3? a. 0 b. 150 c. 100 d. 50
3. Suppose the market demand curve for grapes is given by Q = 100 - 2p. What is the elasticity of demand for grapes at p = $10? a. -1 b. -0.25 c. 0.75 d. None of the above
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