In Problem 1, Suppose Every Buick Owner's Demand for Gasoline

question 2

Multiple Choice

In Problem 1, suppose every Buick owner's demand for gasoline is 20 - 5p for p less than or equal to 4 and 0 for p > 4. Every Dodge owner's demand is 15 - 3p for p less than or equal to 5 and 0 for p > 5. Suppose that Gas Pump, South Dakota, has 100 Buick owners and 200 Dodge owners. If the price of gasoline is $4.25, what is the total amount of gasoline demanded in Gas Pump?

• A) 225 gallons
• B) 675 gallons
• C) 450 gallons
• D) 900 gallons
• E) None of the above.

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Definitions:

Public Policy

Government actions, laws, and regulations that reflect the attitudes and rules for the public implemented by different levels of government.

Environmental Concerns

Issues related to the protection of the natural environment due to impacts from human activity, often requiring policy and individual actions to address.

Pollution

The presence or introduction into the environment of a substance or thing that has harmful or poisonous effects.

Pollution Permits

Licenses granted to companies allowing them to emit a certain amount of pollution; they can be bought, sold, or traded, creating an economic incentive to reduce pollution.