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.

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.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 18SQ

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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.

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