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Author Question: The following table shows the demand for notebooks of four consumers. Price (/unit) Consumer 1 ... (Read 22 times)

Destiiny22

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on: Jun 30, 2018
The following table shows the demand for notebooks of four consumers.
 
  Price
  (/unit) Consumer 1
  Demand (units) Consumer 2 Demand (units) Consumer 3 Demand (units) Consumer 4 Demand (units)
  8 8 6 9 10
  6 16 10 15 18
  4 20 13 21 24
  1 22 17 24 27
 
  Define the term market demand. If these four consumers constitute the entire market, calculate the market demand for notebooks at 1, 4, 6, and 8.

Question 2

The advantage of using real GDP over nominal GDP is that:
 
  A) it can be compared over time.
  B) it takes into account the distribution of income.
  C) it takes into account changes in ruling political party.
  D) it is easier to calculate.


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meganlapinski

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Reply #1 on: Jun 30, 2018
Answer to Question 1

The term market demand refers to the sum of the individual demands of all potential buyers in a market.
Market demand at 1 = 22 + 17 + 24 + 27 = 90 units
Market demand at 4 = 20 + 13 + 21 + 24 = 78 units
Market demand at 6 = 16 + 10 + 15 + 18 = 59 units
Market demand at 8 = 8 + 6 + 9 + 10 = 33 units

Answer to Question 2

A


Destiiny22

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Reply #2 on: Jun 30, 2018
Thank you :)


meganlapinski

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Reply #3 on: Jun 30, 2018
Happy to help you


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