Table 7-5 For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. Allison Bob Charisse First Orange |S2.00 $1.50 s0.75 Second Orange Third Orange $1.50 S1.00 S0.25 S0.75 S0.60 so 1. Refer to Table 7-5. If the market price of an orange is $0.90, then the market quantity of oranges demanded per day is а. 5. b. 2. с. 3. d. 4. 2. Refer to Table 7-5. If the market price of an orange is $0.70, then the market quantity of oranges demanded per day is а. 5. b. 6. с. 4. d. 7. 3. Refer to Table 7-5. The market quantity of oranges demanded per day is exactly 7 if the price of an orange, P, satisfies a. S0.60 < P< $0.75. b. S0.60 < P< $2.00. c. S0.25 < P< $0.75. d. $0.25 < P< $0.60.

Table 7-5 For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. Allison Bob Charisse First Orange |S2.00 $1.50 s0.75 Second Orange Third Orange $1.50 S1.00 S0.25 S0.75 S0.60 so 1. Refer to Table 7-5. If the market price of an orange is $0.90, then the market quantity of oranges demanded per day is а. 5. b. 2. с. 3. d. 4. 2. Refer to Table 7-5. If the market price of an orange is $0.70, then the market quantity of oranges demanded per day is а. 5. b. 6. с. 4. d. 7. 3. Refer to Table 7-5. The market quantity of oranges demanded per day is exactly 7 if the price of an orange, P, satisfies a. S0.60 < P< $0.75. b. S0.60 < P< $2.00. c. S0.25 < P< $0.75. d. $0.25 < P< $0.60.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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