Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Problem #1 Below is the demand schedule for rice during the month of January 2021.
Create the demand curve of the given schedule and determine the demand function.
Table 4.1.5 Demand Schedule for Rice During January 2021
Point
Price (Peso)
Quantity Demanded (kg)
11 kg
17 kg
28 kg
35 kg
43 kg
A
P123.50
P114.50
P98.00
P87.50
E
P75.50
Guided Questions:
(1) What will be the amount of the demand if the price will continue to decrease from
P75.50 to P20.00?
(2) What is the corresponding price of a quantity demanded of 50 kg?
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