The following table shows the number of students and the reservation price (i.e. maximum price they are willing to pay for an Economics textbook. Suppose each student will buy at most one textbook. Fill in the column of "Quantity demanded" and explain whether the market demand is consistent with the law of demand. Reservation price (maximum price the students are willing to pay) $400 $350 $300 $250 $200 $150 $100 $50 Number of students 10 20 30 40 50 60 70 80 Market price $400 $350 $300 $250 $200 $150 $100 $50 Quantity demanded
The following table shows the number of students and the reservation price (i.e. maximum price they are willing to pay for an Economics textbook. Suppose each student will buy at most one textbook. Fill in the column of "Quantity demanded" and explain whether the market demand is consistent with the law of demand. Reservation price (maximum price the students are willing to pay) $400 $350 $300 $250 $200 $150 $100 $50 Number of students 10 20 30 40 50 60 70 80 Market price $400 $350 $300 $250 $200 $150 $100 $50 Quantity demanded
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 4TY: The following table summarizes information about the market for principles of economics textbooks:...
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Transcribed Image Text:The following table shows the number of students and the reservation price (i.e. maximum
price they are willing to pay for an Economics textbook. Suppose each student will buy at
most one textbook. Fill in the column of "Quantity demanded" and explain whether the
market demand is consistent with the law of demand.
Reservation price
(maximum price the
students are willing to pay)
$400
$350
$300
$250
$200
$150
$100
$50
Number of
students
10
20
30
40
50
60
70
80
Market price
$400
$350
$300
$250
$200
$150
$100
$50
Quantity demanded
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