16. (Figure: Consumers and Quantity of Good X I) Suppose there are only two consumers in the market for good X. The total quantity demanded in the market at a price of $3 is_ and the total quantity demanded in the market at a price of $12 is Price $20 15- 10- 5- Price $20 15 10 9 15 a. 20; 2 b. 20; 5 c. 6; 3 d. 18; 0 Consumer A D 6 8 10 12 14 16 18 20 Quantity of good X Consumer B 8 10 12 14 16 18 20 Quantity of good X

16. (Figure: Consumers and Quantity of Good X I) Suppose there are only two consumers in the market for good X. The total quantity demanded in the market at a price of $3 is_ and the total quantity demanded in the market at a price of $12 is Price $20 15- 10- 5- Price $20 15 10 9 15 a. 20; 2 b. 20; 5 c. 6; 3 d. 18; 0 Consumer A D 6 8 10 12 14 16 18 20 Quantity of good X Consumer B 8 10 12 14 16 18 20 Quantity of good X

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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