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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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