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To reward loyal customers,a Baltimore wine shop called Angels Eat Lemons uses a declining price schedule. This price schedule has the first bottle of wine
To reward loyal customers,a Baltimore wine shop called Angels Eat Lemons uses a declining price schedule. This price schedule has the first bottle of wine cost $100and every bottle after costs $10. Suppose Roy's demand for bottles of wine at Angels Eat Lemons is described by Q = 10 - 0.1P (and Roy's inverse demand curve is described by P = 100 - 10Q) where P is price and Q is the quantity of wine bottles. How many bottles of wine will Roy purchase?
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