Consider the demand for soap shown in Figure 1 above. What is the quantity demand for soap if the price of a pound of soap is $5?      A) 210 pounds       B) 248 pounds       C) 286 pounds       D) 305 pounds

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
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Consider the demand for soap shown in Figure 1 above. What is the quantity demand for soap if the price of a pound of soap is $5? 
 
 
A) 210 pounds
 
 
 
B) 248 pounds
 
 
 
C) 286 pounds
 
 
 
D) 305 pounds
$10
$8
$6
$5
D
210
248
286
305
QD
Transcribed Image Text:$10 $8 $6 $5 D 210 248 286 305 QD
Expert Solution
Step 1

Demand curve is the representation of the price and quantity demanded relationship. It is been observed when the price of a commodity increases the quantity demanded falls. Thus demand curve slopes downward.

 

Price is an independent variable while quantity is a dependent variable.

 

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