Let’s assume that each person in the U.S consumes an average of 37 gallons of soft drinks (nondiet) at an average price of $2 per gallon and that the U.S population is 294 million. At a price of $1.50 per gallon, each individual consumer would demand 50 gallons of soft drink. From this information about the individual demand schedule, calculate the market demand schedule for soft drinks for the prices of $1.50 and $2 per gallon. Concept Introduction: Market demand: The market demand is the summation of all individual demand in the economy. Market demand schedule: Market demand schedule is the tabulation of market demand..

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A health study tracked a group of persons for five years. At the beginning of the study, 20%were classified as heavy smokers, 30% as light smokers, and 50% as nonsmokers. Resultsof the study showed that light smokers were twice as likely as nonsmokers to die duringthe five-year study, but only half as likely as heavy smokers.A randomly selected participant from the study died during the five-year period. Calculatethe probability that the participant was a heavy smoker

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Chapter 3, Problem 5P

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Let’s assume that each person in the U.S consumes an average of 37 gallons of soft drinks (nondiet) at an average price of $2 per gallon and that the U.S population is 294 million. At a price of $1.50 per gallon, each individual consumer would demand 50 gallons of soft drink. From this information about the individual demand schedule, calculate the market demand schedule for soft drinks for the prices of $1.50 and $2 per gallon.

Concept Introduction:

Market demand: The market demand is the summation of all individual demand in the economy.

Market demand schedule: Market demand schedule is the tabulation of market demand..

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