As part of a market research project, you survey six random people to see how much gas per week they would buy at various prices. The data you collect is in the accompanying table. What is the total demand in your survey for gas at $1.50 per gallon?

As part of a market research project, you survey six random people to see how much gas per week they would buy at various prices. The data you collect is in the accompanying table. What is the total demand in your survey for gas at $1.50 per gallon?

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 1DQ

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

Can you help me out this question? I don’t know how to calculate it.

As part of a market research project, you survey six random people to see how much gas per week they
would buy at various prices. The data you collect is in the accompanying table. What is the total demand
in your survey for gas at $1.50 per gallon?
Quantity of Gallons of Gas Demanded Per Week
Price per gallon of gasoline
$1.50
$2.00
$2.50
$3.00
$3.50
O 51 gallons
O 77 gallons
O 38 gallons
O 22 gallons
Marty
10
8
6
4
2
Zain
15
12
9
6
3
Doc
6
3
1
0
0
Mikael Zoya
20
19
17
20
18
14
10
4
15.
12
Amirah
6
5
4
3
1

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