Calculate the market demand schedule for soft drinks

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Reference no: EM13900597

The U.S. Department of Agriculture reported that in 1997 each person in the United States consumed an average of 41 gallons of soft drinks (nondiet) at an average price of $2 per gallon. Assume that, at a price of $1.50 per gallon, each individual consumer would demand 50 gallons of soft drinks. The U.S. population in 1997 was 267 million. From this information about the individual demand schedule, calculate the market demand schedule for soft drinks for the prices of $1.50 and $2 per gallon.

Reference no: EM13900597

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