Questions: You're a management consultant hired by Sunco Lighting, Inc., to estimate the demand for high-efficiency LED light bulbs. The table shows the results of a survey you conducted of four representative consumers in a market of 40,000 consumers overall. You asked the four buyers how many high-efficiency LED light bulbs they would buy in a year at different prices. Price () Gloria Michele Amy Annie --- --- --- --- --- 1 15 15 20 18 3 12 10 17 14 5 9 5 14 10 7 6 1 11 6 9 3 0 8 0 What market quantity demanded would you project, based on these data, at a price of 7 per bulb? - 1,100 - 2,400 - 240,000 - 960,000

You're a management consultant hired by Sunco Lighting, Inc., to estimate the demand for high-efficiency LED light bulbs. The table shows the results of a survey you conducted of four representative consumers in a market of 40,000 consumers overall. You asked the four buyers how many high-efficiency LED light bulbs they would buy in a year at different prices. Price () Gloria Michele Amy Annie --- --- --- --- --- 1 15 15 20 18 3 12 10 17 14 5 9 5 14 10 7 6 1 11 6 9 3 0 8 0 What market quantity demanded would you project, based on these data, at a price of 7 per bulb? - 1,100 - 2,400 - 240,000 - 960,000
Transcript text: You're a management consultant hired by Sunco Lighting, Inc., to estimate the demand for high-efficiency LED light bulbs. The table shows the results of a survey you conducted of four representative consumers in a market of 40,000 consumers overall. You asked the four buyers how many high-efficiency LED light bulbs they would buy in a year at different prices. \begin{tabular}{|l|l|l|l|l|} \hline Price (\$) & Gloria & Michele & Amy & Annie \\ \hline 1 & 15 & 15 & 20 & 18 \\ \hline 3 & 12 & 10 & 17 & 14 \\ \hline 5 & 9 & 5 & 14 & 10 \\ \hline 7 & 6 & 1 & 11 & 6 \\ \hline 9 & 3 & 0 & 8 & 0 \\ \hline \end{tabular} What market quantity demanded would you project, based on these data, at a price of $\$ 7$ per bulb? 1,100 2,400 240,000 960,000
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Solution

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Solution Steps

Step 1: Calculate the total quantity demanded by the four consumers at \$7 per bulb

At a price of \$7, the quantities demanded by the four consumers are:

  • Gloria: 6 bulbs
  • Michele: 1 bulb
  • Amy: 11 bulbs
  • Annie: 6 bulbs

The total quantity demanded by the four consumers is: \[ 6 + 1 + 11 + 6 = 24 \text{ bulbs} \]

Step 2: Calculate the average quantity demanded per consumer at \$7 per bulb

The average quantity demanded per consumer is: \[ \frac{24}{4} = 6 \text{ bulbs per consumer} \]

Step 3: Project the total market quantity demanded at \$7 per bulb

The total market consists of 40,000 consumers. The projected total market quantity demanded is: \[ 6 \text{ bulbs/consumer} \times 40,000 \text{ consumers} = 240,000 \text{ bulbs} \]

Final Answer

\(\boxed{240,000}\)

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