UofT students love Ramen noodle bowls. Suppose we have identical students and each individual student's demand for Ramen bowls is given by P=165-3Q. We have 193 students on campus. What is the total quantity demanded from these 193 students when the price of a Ramen bowl is $20. Assume that the market for Ramen noodle bowls is perfectly competitive. Enter a number only. Remember, fractions of goods are possible.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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.

 

UofT students love Ramen noodle bowls. Suppose we have identical students and each individual
student's demand for Ramen bowls is given by P=165-3Q. We have 193 students on campus. What is
the total quantity demanded from these 193 students when the price of a Ramen bowl is $20.
Assume that the market for Ramen noodle bowls is perfectly competitive. Enter a number only.
Remember, fractions of goods are possible.
Answered
4.05
ect Answer
9,328.33 margin of error +/- 0.1
Rewrite each individual demand as Q(P) from the given P(Q) equation. Multiply this by the
number of students to get the market demand (i.e. total demand from all students) equation.
Plug in the market price to get the market quantity demanded.
Transcribed Image Text:UofT students love Ramen noodle bowls. Suppose we have identical students and each individual student's demand for Ramen bowls is given by P=165-3Q. We have 193 students on campus. What is the total quantity demanded from these 193 students when the price of a Ramen bowl is $20. Assume that the market for Ramen noodle bowls is perfectly competitive. Enter a number only. Remember, fractions of goods are possible. Answered 4.05 ect Answer 9,328.33 margin of error +/- 0.1 Rewrite each individual demand as Q(P) from the given P(Q) equation. Multiply this by the number of students to get the market demand (i.e. total demand from all students) equation. Plug in the market price to get the market quantity demanded.
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

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.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education