Figure 4-1

Figure 4-1 shows Arnold's demand curve for burritos.
-Refer to Figure 4-1.What is the total amount that Arnold is willing to pay for 4 burritos?
A)$1.00
B)$4.00
C)$7.00
D)$10.00

Question

Figure 4-1
  
Figure 4-1 shows Arnold's demand curve for burritos.
-Refer to Figure 4-1.What is the total amount that Arnold is willing to pay for 4 burritos?
A)$1.00 
B)$4.00 
C)$7.00 
D)$10.00

Quizplus · Accepted Answer

To determine the total amount Arnold is willing to pay for 4 burritos, we look at the point where the quantity demanded is 4 on the x-axis and follow it up to the demand curve. This intersects the curve at a price of $1.75 per burrito. To find the total amount, we multiply the price per burrito by the quantity demanded: $1.75 x 4 = $7. Therefore, the total amount Arnold is willing to pay for 4 burritos is $7. The best choice is C.

Figure 4-1 Figure 4-1 Shows Arnold's Demand Curve for Burritos