Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ticket is 8, the quantity demanded for each person is 5 . When the price is 4, the quantity demanded for each person is 9 . Assuming the law of demand holds, which of the following choices is the most likely quantity demanded in the market when the price is 6?
a. 700
b. 1,200
c. 400
d. 1,000
e. 100
Question 2
We can find the market demand for pears by:
a. adding up all the prices people are willing to pay for pears.
b. multiplying the number of people times the price of pears.
c. adding up the number of pears that producers are willing to sell.
d. multiplying the number of pears by the price of pears.
e. adding up all the individual demand curves for pears.
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Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ...
Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ...