The Table Below Shows the Weekly Demand for Hamburgers in a Market

question 186

Multiple Choice

The table below shows the weekly demand for hamburgers in a market where there are just three buyers.
$$\begin{array} { | c | c | c | c | } \hline \text { Price } & \text { Buyer 1Qd 1 } & \text { Buyer 2 Qd 2 } & \text { Buyer 3 Qd 3 } \\\hline \$ 6 & 7 & 4 & 6 \\\hline 5 & 9 & 7 & 8 \\\hline 4 & 15 & 10 & 12 \\\hline 3 & 21 & 15 & 16 \\\hline\end{array}$$ If the price of hamburger falls from $5 to $3, then the weekly market quantity demanded will

• A) increase from 24 to 52.
• B) decrease from 52 to 24.
• C) increase from 120 to 156.
• D) increase from 29 to 55.

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Definitions:

Ending Finished Goods Inventory

The value of products available for sale at the end of an accounting period, after all manufacturing costs are accounted for.

Fixed

Refers to something that is unchanging and stable, often used in the context of expenses or assets that do not vary with production volume.

Variable

An element, feature, or factor that is likely to vary or change; in scientific experiments, this is the factor being tested or measured.

Product Cost

Product cost refers to the total expenditure incurred to create a product, including direct materials, direct labor, and manufacturing overhead.