Question

Let’s assume that each person in the United States consumes an average of 39 gallons of soft drinks (non-diet) at an average price of $2.00 per gallon, and that the U.S. population is 295 million. At a price of $1.50 per gallon, each consumer would demand 49 gallons of soft drinks. From this information about the individual demand schedule, calculate the market demand schedule for soft drinks for prices of $1.50 and $2.00 per gallon.

Answer 1

Answer:

Instrucitons are listed below.

Explanation:

Giving the following information:

Let’s assume that each person in the United States consumes an average of 39 gallons of soft drinks (non-diet) at an average price of $2.00 per gallon and that the U.S. population is 295 million. At a price of $1.50 per gallon, each consumer would demand 49 gallons of soft drinks.

Price= 2

Demand= 295*39= 11,505 million

Price= 1.5

Demand= 295*49= 14,455 million