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You're a management consultant hired by Sunco Lighting, Inc., to estimate the demand for high-efficiency LED light bulbs. The table shows the results of a
You're a management consultant hired by Sunco Lighting, Inc., to estimate the demand for high-efficiency LED light bulbs. The table shows the results of a survey you conducted of four representative consumers in a market of 40,000 consumers Q Macmillan Learning overall. You asked the four buyers how many high-efficiency LED light bulbs they would buy in a year at different prices. Price ($) Gloria Michele Amy Annie 15 15 20 18 3 12 10 17 14 5 5 14 10 7 6 11 6 3 0 8 0 What market quantity demanded would you project, based on these data, at a price of $7 per bulb? O 1,100 960,000 O 2,400 240,000
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