Question
Consider Polly's individual demand curve for fitness classes: QD = 230 10P. Suppose this is Polly's monthly demand curve. a. How many fitness classes would
Consider Polly's individual demand curve for fitness classes: QD = 230 10P. Suppose this is Polly's
monthly demand curve.
a. How many fitness classes would Polly be willing and able to purchase this month if the price of fitness
classes is $20 per class?
b. How many fitness classes would Polly be willing and able to purchase this month if the price of fitness
classes is $30 per class? Think carefully here about your answer and if you are a visual person, draw a
detailed graph of Polly's demand curve to see what's happening.
c. What is the most Polly would be willing to pay for the 10th fitness class this month? What do we call this in
economics?
d. Graph Polly's individual demand curve. Label all key features of your graph. Polly tells you that after some
events have occurred her new demand curve for fitness classes is given by QD = 200 10P. Graph Polly's
new demand curve for fitness classes. Has demand increased or decreased? Name one factor that could have
changed Polly's demand curve in this way.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started