An economy has 100 consumers of type 1 and 200 consumers of type 2. If the price of the good is less than $10, then each type 1 consumer demands 10 - p units of the good; otherwise each type 1 demands zero. If the price of the good is less than 8, then each type 2 demands 24 - 3p; otherwise each type 2 demands zero. If the price of the good is 6, then the total amount of the good demanded will be
A) 1,600 units.
B) 1,800 units.
C) 2,000 units.
D) 420 units.
E) 1,200 units.
Correct Answer:
Verified
Q45: A firm faces a demand function D(p),
Q45: Given his current income, Rico's demand for
Q46: If there are only two goods, an
Q48: When the price of bananas is 50
Q51: The demand function for small business computers
Q52: In the village of Frankfurter, the demand
Q53: Ed has 100 tons of manure.The lowest
Q53: The inverse demand function for soybeans is
Q54: The inverse demand function for coffee is
Q55: Jen, Eric, and Kurt are all buyers
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents