Let's assume that each person in the United States consumes an average of 39 gallons of soft drinks (non-diet) at an average price of $2.00 per gallon, and that the U. S. population is 295 million. At a price of $1.50 per gallon, each consumer would demand 49 gallons of soft drinks. From this information about the individual demand schedule, calculate the market demand schedule for soft drinks for prices of $1.50 and $2.00 per gallon.

Question

Business

Diana

30 November, 10:36

Let's assume that each person in the United States consumes an average of 39 gallons of soft drinks (non-diet) at an average price of $2.00 per gallon, and that the U. S. population is 295 million. At a price of $1.50 per gallon, each consumer would demand 49 gallons of soft drinks. From this information about the individual demand schedule, calculate the market demand schedule for soft drinks for prices of $1.50 and $2.00 per gallon.

+1

Answers (1)

Know the Answer?

Ginger · Answer 1

Instrucitons are listed below.

Explanation:

Giving the following information:

Let's assume that each person in the United States consumes an average of 39 gallons of soft drinks (non-diet) at an average price of $2.00 per gallon and that the U. S. population is 295 million. At a price of $1.50 per gallon, each consumer would demand 49 gallons of soft drinks.

Price = 2

Demand = 295*39 = 11,505 million

Price = 1.5

Demand = 295*49 = 14,455 million