The market for Ramen noodle bowls is perfectly competitive. Market demand is given by P=55-4Q. If the price for a bowl of noodles is $21 how many units are demanded in the market? Enter a number only. Remember, fractions of goods are possible.

MACROECONOMICS FOR TODAY
10th Edition
ISBN:9781337613057
Author:Tucker
Publisher:Tucker
Chapter3: Market Demand And Supply
Section: Chapter Questions
Problem 20SQ
icon
Related questions
Question

Question in image. Been stuck on for hours. 

If you don't understand how to solve, let someone else answer it instead of rejecting question

Warm regards.

 

The market for Ramen noodle bowls is perfectly competitive. Market demand is given by P=55-4Q. If
the price for a bowl of noodles is $21 how many units are demanded in the market? Enter a number
only. Remember, fractions of goods are possible.
swered
-29
Answer
8.5 margin of error +/- 0.1
Substitute the market price in the demand equation and solve for market quantity demanded.
Transcribed Image Text:The market for Ramen noodle bowls is perfectly competitive. Market demand is given by P=55-4Q. If the price for a bowl of noodles is $21 how many units are demanded in the market? Enter a number only. Remember, fractions of goods are possible. swered -29 Answer 8.5 margin of error +/- 0.1 Substitute the market price in the demand equation and solve for market quantity demanded.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Equilibrium Point
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
MACROECONOMICS FOR TODAY
MACROECONOMICS FOR TODAY
Economics
ISBN:
9781337613057
Author:
Tucker
Publisher:
CENGAGE L
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Microeconomics
Microeconomics
Economics
ISBN:
9781337617406
Author:
Roger A. Arnold
Publisher:
Cengage Learning