It doesn't quite work like that. I'm not entirely sure of every little detail of the process. RobertoS will have a better understanding at this...
The way I understand it is that each ISP pays for x amount of backhaul. They then share this with x amount of customers...
BT may buy say for example a 1gbps link and share this with 1000 people.
ADSL24 may buy a 1gbps link and share it with 100 people.
I'd say that was a fair description for the OP's purposes

.
Just to clarify a bit, the link referred to is between the BT Wholesale backhaul and the ISP's routers at their end. The exchange size is usually less relevant.
The way the calculation is done is on the lines of so many kbps throughput per customer, and multiplying that by the actual or expected number of customers. It can be as low as 150kbps for the likes of "out of area" Sky/TT/O2, to several hundred kbps for decent ISPs. LLU Sky/TT/O2 of course are at the high end.
Those sound like very low numbers, but you have to think what proportion of customers are online at any point in time, and what they are doing.
Streaming on a decent connection is significant, as it far exceeeds the budget figure for the customer. So the Olympics could be very dodgy, when a lot of people will be doing that. Browsing doesn't use much, and most page changes only take a fraction of a second. (Most of the time is your browser working out how to present it). Then a fair pause before you move to another. Gaming uses very little, but many accesses in quick succession. Apart from game updates, which are streaming.
This is why P2P gets throttled by many ISPs. Let's assume a budgetted figure of 300kbps per punter.
100 people downloading at 15Mbps = 1,500,000kbs being used continuously. With no P2P that supports 5000 punters browsing.
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