Table 7-18 the Following Table Shows the Willingness to Pay for a for a Good

question 367

Short Answer

Table 7-18
The following table shows the willingness to pay for a good for the only four consumers in a market.

-Refer to Table 7-18. If the price of the good is $20, how many units will be demanded?

---

Definitions:

Income

The financial gain that an individual or business receives, typically through employment, investment, or business ventures.

Utility Function

A mathematical representation in economics that ranks preferences or satisfaction levels consumers receive from consuming goods and services.

Demand Function

A mathematical representation of the relationship between the quantity demanded of a good and its influencing factors, like price.

Cobb-Douglas

A type of production function used in economics to represent the relationship of an output to inputs, specifically capital and labor, with constants denoting the output elasticity of each input.