Suppose the Demand Function for Cable TV Service Is Given

question 24

Multiple Choice

Suppose the demand function for cable TV service is given by Q_CTV = 15 - 0.25xP_CTV + 0.0005xM + 0.3xP_STV,Q_CTV is the quantity of cable TV demanded (thousands of households) ,P_CTV is the price of cable TV,M is income and P_STV is the price of satellite TV service.Suppose consumers' income is $50,000 and the price of satellite TV service is $90.At what price would the demand for cable TV services be 55,000 households?

• A) $67
• B) $48
• C) $12
• D) There is not enough information to answer the question

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