Quantity of milk consumed increases from 2 to 4

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quantity of milk consumed increases from 2 to 4 gallons. Use the following to answer question 3: Figure 5.31 Roscoets demand curve Roland's demand curve 30 25 20 Page2
3. (Figure 5.31) Assume that Roscoe and Roland comprise the entire market of buyers. a. Complete the following table. Price Roscoe's Quantity Demanded Roland's Quantity Demanded Market Quantity Demanded $10 $20 $30 $40 b. What are Roscoe's and Roland's inverse demand equations? 4. Suppose there are 100 consumers in the computer speaker market, each with an demand curve given by Q,: 10 - 0.|P, where P is the price per pair of speakers measures the quantity demanded of computer speakers by each person. The market supply for computer speakers is given bV A:20P -200. What is the equilibrium and quantity in the computer speaker market? Use the following to answer question Figure 5.18 Good f l5 t4 l3 t2 11 10 9 8 7 6 5 4 J 2 I 9 l0 11 t2t3t4l5 identical and Qi price 5: Page 3

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