Suppose that 1,000 people in a market each have the same monthly demand curve for bottled water,

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Suppose that 1,000 people in a market each have the same monthly demand curve for bottled water, given by the equation QD = 100 – 25P, where P is the price for a 12-ounce bottle in dollars.

a. How many bottles would be demanded in the entire market if the price is $1?

b. How many bottles would be demanded in the entire market if the price is $2?

c. Provide an equation for the market demand curve, showing how the market quantity demanded by all 1,000 consumers depends on the price.

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Macroeconomics Principles and Applications

ISBN: 978-1133265238

5th edition

Authors: Robert e. hall, marc Lieberman

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Question Posted: Dec 11, 2012 12:18 AM

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Suppose that 1,000 people in a market each have the same monthly demand curve for bottled water,

Question:

Step by Step Answer:

Given equation is QD10025P a Quantity demanded if price if 1 Ans P1 Putting it in the given ...View the full answer

Macroeconomics Principles and Applications

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