Suppose that 1,000 people in a market each have the same monthly demand curve for bottled water, given by the equation QD = 100 – 25P, where P is…
4. Suppose that 1,000 people in a market each have the same monthly demand curve for bottled water, given by the equation QD = 100 – 25P, where P is the price for a 12-ounce bottle in dollars. A. How many bottles would be demanded in the entire market if the price is $1.00? B. How many bottles would be demanded in the entire market if the price is $2.00? C. Provide an equation for the market demand curve, showing how the market quantity demanded by all 1,000 consumers depends on the price.