Solved

Refer to the Table Below Assume That the Market for IPods Has Only Two Consumers

Question 2

Multiple Choice

Refer to the table below:  Price of iPods  Chuck’s Demand  Ryan’s Demand $200.0000$170.0010$150.0011$120.0021$100.0042$70.0053$50.0064$20.0074$0.00105\begin{array} { | l | l | l | } \hline \text { Price of iPods } & \text { Chuck's Demand } & \text { Ryan's Demand } \\\hline \$ 200.00 & 0 & 0 \\\hline \$ 170.00 & 1 & 0 \\\hline \$ 150.00 & 1 & 1 \\\hline \$ 120.00 & 2 & 1 \\\hline \$ 100.00 & 4 & 2 \\\hline \$ 70.00 & 5 & 3 \\\hline \$ 50.00 & 6 & 4 \\\hline \$ 20.00 & 7 & 4 \\\hline \$ 0.00 & 10 & 5 \\\hline\end{array} Assume that the market for iPods has only two consumers: Chuck and Ryan. According the table above, if the price of an iPod is $85, the market will demand:


A) 8 iPods.
B) 6 iPods.
C) 5 iPods.
D) 28 iPods.
E) 45 iPods.

Correct Answer:

verifed

Verified

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents