Andrew's demand for fish is: Q_A=12- 3P. Betty's demand for fish is: Q_B=16- 4P and Cathy's demand for fish is: Q_C=20- 5P. Q is the number of pounds of fish and P is the price of fish per pound. If Andrew, Betty and Cathy are the only people living in their village, and if the price of fish is P=$1 per pound, what is the total market demand for fish in the village? A)Q=12. B)Q=36. C)Q=16. D)Q=20.

Question

Quizplus · Accepted Answer

To find the total market demand for fish, we need to add up the demand of Andrew, Betty, and Cathy at the given price of $1 per pound: Andrew's demand: Q_A=12- 3P = 12-3(1) = 9 Betty's demand: Q_B=16- 4P = 16-4(1) = 12 Cathy's demand: Q_C=20- 5P = 20-5(1) = 15 Total demand: 9 + 12 + 15 = 36 Therefore, the total market demand for fish in the village is 36 pounds. The answer is B.

Andrew's Demand for Fish Is: QA=12- 3P

Andrew's Demand for Fish Is: Q_A=12- 3P