Economics Question Here.

[Elena_W]

The Gilberts have the following demand for badminton court time:

price/hour Quantity(hours/week)
24 1
17 2
8 3
2 4

What is the max that they are willing to pay for one hour/week, 2 hours/week, 3 hours/week and 4 hours/week?

Thanks for the help!

[Elena_W]

It came out all weird so I will retype it
price/hour
24
17
8
2

[Elena_W]

quantity(hours/week)
1
2
3
4

[fiction-factory]

Is it not just
24x 1=24
17x2=34
8x3=24
2x4=8

[Peter Pedant]

well stabbed at in the dark FF.
I actually dont understand the q

I mean it is not a max they are willing to pay.....
for one hour per week the Gilberts can expect to take 24 bucks

the max take is for two hours and is 34 bucks ..

o well back to my own home work

[fiction-factory]

Yes. Maybe there is more info that we haven't been given. And perhaps if they want a profit we should reduce each figure by 1p or more depending on the margin they want

[Elena_W]

the actual answers are 1 hours/week: $24 2 hours/week: $41 3 hours/week: $49 4 hours/week: $51 but I'm not sure how to get those answers.

[fiction-factory]

It's just the cumulative figures
1 hr 24
2 hrs=24+17= 41
3hrs= 41+8 = 49
4 hrs= 49+2=51

[Elena_W]

omg thank you! I don't know why i didn't think of that before!

[Old_Geezer]

Possibly because it isn't clear what the question was asking for. To me it looked as if it was asking for the maximum hourly rate which was already given, not the cumulative sums. Would've been easier to simply ask; what is 24 ? what is that plus 17 ? what is that plus ...

Awfully stated yet simple question. Just confusing and must be very embarrassing to whoever set it.

[douglas9401]

That's some expensive badminton.