This topic contains a solution. Click here to go to the answer

Author Question: The following table shows the demand for notebooks of four consumers. Price (/unit) Consumer 1 ... (Read 63 times)

Destiiny22

  • Hero Member
  • *****
  • Posts: 557
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

meganlapinski

  • Sr. Member
  • ****
  • Posts: 333
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





 

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

For a complete list of videos, visit our video library