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.
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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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