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An economist estimated the following linear demand function for Steve's car fuel consumption: Q = 196 -0.26P where Q represents the litres of fuel Steve consumes every month (in litres), and P represents the average price of this fuel over the month in cents per litre. If over a given month the average price of fuel is 153c per litre, predict the quantity of fuel Steve will demand in litres (to the nearest whole litre).

An economist estimated the following linear demand function for Steve's car fuel consumption: Q = 196 -0.26P where Q represents the litres of fuel Steve consumes every month (in litres), and P represents the average price of this fuel over the month in cents per litre. If over a given month the average price of fuel is 153c per litre, predict the quantity of fuel Steve will demand in litres (to the nearest whole litre).

Macroeconomics
Macroeconomics
13th Edition
ISBN:9781337617390
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 19QP
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An economist estimated the following linear demand function for Steve's car fuel consumption: Q = 196 -0.26P where Q represents the litres of fuel Steve consumes every month (in litres), and P represents the average price of this fuel over the month in cents per litre. If over a given month the average price of fuel is 153c per litre, predict the quantity of fuel Steve will demand in litres (to the nearest whole litre).
Transcribed Image Text:An economist estimated the following linear demand function for Steve's car fuel consumption: Q = 196 -0.26P where Q represents the litres of fuel Steve consumes every month (in litres), and P represents the average price of this fuel over the month in cents per litre. If over a given month the average price of fuel is 153c per litre, predict the quantity of fuel Steve will demand in litres (to the nearest whole litre).
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