This Graph Shows One Consumer's Demand for Ice Cream at the Student

question 33

Multiple Choice

This graph shows one consumer's demand for ice cream at the student union:
During the semester,the student union sells a total of 7,200 scoops of ice cream at a price of $2.00 per scoop.If every student who buys ice cream has the demand curve shown,there must be _________ students purchasing ice cream.

• A) 800
• B) 1,200
• C) 1,500
• D) 2,000

---

Definitions:

Compounded Semi-annually

Denotes the method of applying interest to a principal sum at mid-year and end of the year.

Ordinary General Annuity

A stream of equal payments made at regular intervals over a fixed period of time, where the payment period coincides with the interest period.

Present Value

The present estimate of a forward-looking sum of money or sequence of cash returns, using a determined rate of return.

Ordinary General Annuity

A series of equal payment or receipt amounts that occur at evenly spaced intervals over a fixed period, with payments made at the end of each period.