ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Maddie and Brandon are discussing their demand for Sour Patch Kids candy. Maddie buys 11 packages every month
at a price of $2 and reduces her quantity demanded by 1 for every $0.05 increase in price. Brandon buys 21
packages every month at a price of $2 and reduces his quantity demanded by 2 for every $0.50 increase in price.
Do not round your answers.
(a) What are the equations of Maddie and Brandon's demand curves?
Maddie's demand curve: P =
Brandon's demand curve: P =
(b) If the price of Sour Patch Kids candy is $1.25, what quantities do Maddie and Brandon demand?
Maddie demands
Brandon demands
Qd+
Qd+
Maddie's marginal benefit is $
Brandon's marginal benefit is $
Sour Patch Kids candies.
(c) What are Maddie and Brandon's marginal benefits of consuming their 16th packages of candy?
Sour Patch Kids candies.
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Transcribed Image Text:Maddie and Brandon are discussing their demand for Sour Patch Kids candy. Maddie buys 11 packages every month at a price of $2 and reduces her quantity demanded by 1 for every $0.05 increase in price. Brandon buys 21 packages every month at a price of $2 and reduces his quantity demanded by 2 for every $0.50 increase in price. Do not round your answers. (a) What are the equations of Maddie and Brandon's demand curves? Maddie's demand curve: P = Brandon's demand curve: P = (b) If the price of Sour Patch Kids candy is $1.25, what quantities do Maddie and Brandon demand? Maddie demands Brandon demands Qd+ Qd+ Maddie's marginal benefit is $ Brandon's marginal benefit is $ Sour Patch Kids candies. (c) What are Maddie and Brandon's marginal benefits of consuming their 16th packages of candy? Sour Patch Kids candies.
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