Imagine a very small economy in which there are only four people and only one product. William is willing to pay $10 for one of the product, $8 for a second, $6 for a third, $4 for a fourth, and $1 for every one after that until he has a total of twenty. James is willing to pay $3 for every item up to 10, then he cannot buy any more because he has only $30. Adriana is willing to pay $2 for each of the first three of the item, then $1 for a fourth, but no more Gerardo is willing to pay $8 for one of the product, $3 for a second, and $1 for a third, but no more. How many of this product will be sold if the price is $17 What if the price is $3? OA 10, 25 B. 37, 16 OC 25. 10 OD 40, 20
Imagine a very small economy in which there are only four people and only one product. William is willing to pay $10 for one of the product, $8 for a second, $6 for a third, $4 for a fourth, and $1 for every one after that until he has a total of twenty. James is willing to pay $3 for every item up to 10, then he cannot buy any more because he has only $30. Adriana is willing to pay $2 for each of the first three of the item, then $1 for a fourth, but no more Gerardo is willing to pay $8 for one of the product, $3 for a second, and $1 for a third, but no more. How many of this product will be sold if the price is $17 What if the price is $3? OA 10, 25 B. 37, 16 OC 25. 10 OD 40, 20
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Imagine a very small economy in which there are only four people and only one product. William is willing to pay $10 for one of the
product, $8 for a second, $6 for a third, $4 for a fourth, and $1 for every one after that until he has a total of twenty. James is willing to
pay $3 for every item up to 10, then he cannot buy any more because he has only $30. Adriana is willing to pay $2 for each of the first
three of the item, then $1 for a fourth, but no more. Gerardo is willing to pay $8 for one of the product, $3 for a second, and $1 for a
third, but no more
How many of this product will be sold if the price is $17 What if the price is $3?
OA 10, 25
OB. 37, 16
OC 25, 10
OD 40, 20](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F22befe8a-3359-4b1b-a0fe-b34c6e32e328%2F96aa7d2a-eaee-4320-83dc-9c4e89b1ae14%2Fuunyb2e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Imagine a very small economy in which there are only four people and only one product. William is willing to pay $10 for one of the
product, $8 for a second, $6 for a third, $4 for a fourth, and $1 for every one after that until he has a total of twenty. James is willing to
pay $3 for every item up to 10, then he cannot buy any more because he has only $30. Adriana is willing to pay $2 for each of the first
three of the item, then $1 for a fourth, but no more. Gerardo is willing to pay $8 for one of the product, $3 for a second, and $1 for a
third, but no more
How many of this product will be sold if the price is $17 What if the price is $3?
OA 10, 25
OB. 37, 16
OC 25, 10
OD 40, 20
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