When movie rentals were $2.95, Sara rented ten movies a month. The price of a rental increased by fifty cents and Sara decided to rent two fewer movies a month. When the price increased by one more dollar, Sarah decided to cut the number of movies she rented in half. What is her quantity demanded by month at the current price

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05-07-2022
Business

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When movie rentals were $2.95, Sara rented ten movies a month. The price of a rental increased by fifty cents and Sara decided to rent two fewer movies a month. When the price increased by one more dollar, Sarah decided to cut the number of movies she rented in half. What is her quantity demanded by month at the current price

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Tutorconsortium323idn Tutorconsortium323idn · Answer 1 · 2022-07-17T23:26:28-04:00

Her monthly quantity demanded by month at the current price is $17.80.

When the movies were $2.95 a month, she rented 10, meaning she spent $29.50 (2.95 * 10)

She then rented two fewer movies, meaning she rented 10-2 which equals 8, and spent $27.60 (3.45 * 8)

She then cut the number of movies rented in half 8/2 which equals 4, and spent $17.80 (4.45 * 4)

So she now rents 4 movies per month, and spends $17.80

What is Quantity Demanded ?

Quantity demanded is a term used in economics to describe the total amount of a good or service that consumers demand over a given interval of time. It depends on the price of a good or service in a marketplace, regardless of whether that market is in equilibrium.

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What is Quantity Demanded ?

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