This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The following table shows the demand for notebooks of four consumers. Price (/unit) Consumer 1 ... (Read 59 times)

Destiiny22

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


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
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

  • Hero Member
  • *****
  • Posts: 557
Reply #2 on: Jun 30, 2018
Thank you :)


meganlapinski

  • Sr. Member
  • ****
  • Posts: 333
Reply #3 on: Jun 30, 2018
Happy to help you


« previous next »
 

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Schematic of the Agitation Laboratory Apparatus CHE 415 Unit Operations II Schematic of the Agitation Laboratory Apparatus CHE 415 Unit Operations II
Effleurage to the entire back to apply oil. Stand at the side of the table near the recipient’s ... Effleurage to the entire back to apply oil. Stand at the side of the table near the recipient’s ...
How to evaluate angles using sine, special triangles, the unit circle (Part 1) How to evaluate angles using sine, special triangles, the unit circle (Part 1)
The demand for energy is met by burning coal and other fossil fuels The demand for energy is met by burning coal and other fossil fuels
Which of the following reactions correctly shows the transmutation of an element by neutron ... Which of the following reactions correctly shows the transmutation of an element by neutron ...
Table - Correlation Analysis Table - Correlation Analysis
Video: Mendel's Principles of Dominance, Segregation and Independent Assortment

For a complete list of videos, visit our video library