Explanation Given information: When the price, p, charged for a boat tour was $25, the average number of passengers per week, N, was 500. The price was reduced to $20, the average number of passengers per week increased by 650. Concept Used: The quantity, q of an item that is manufactured and sold depend on its price, p. As the price increases, manufacturers are usually willing to supply more of the product, whereas the quantity demanded by consumers falls. The supply curve, for a given item, relates the quantity, q, of the item that manufacturers are willing to make per unit time to the price, p, for which the item can be sold. The demand curve relates the quantity, q, of an item demanded by consumers per unit time to the price, p, of the item. Calculation: Steps Description p r i c e c h a r g e d f o r a b o a t t o u r p $ 25 $ 20 | a v e r a g e n u m b e r o f p a s s e n g e r s p e r w e e k N 500 650 Create a table using the information provided about the price charged for a boat tour is p and the average number of passengers per week is N Calculation (Continued): Steps Description Here N = m ⋅ p + b where m is slope and b is y-intercept

6th Edition

ISBN: 9781119499909

Author: Hughes-Hallett

Publisher: WILEY

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Question

Chapter 1.4, Problem 30P

To determine

To find:

A formula for the demand curve, assuming that it is linear

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Chapter 1.4, Problem 29P

Chapter 1.4, Problem 31P

Chapter 1 Solutions

APPLIED CALC (LL) W/CODE

Ch. 1.1 - Prob. 1P Ch. 1.1 - Prob. 2P Ch. 1.1 - Prob. 3P Ch. 1.1 - Prob. 4P Ch. 1.1 - Prob. 5P Ch. 1.1 - Prob. 6P Ch. 1.1 - Prob. 7P Ch. 1.1 - Prob. 8P Ch. 1.1 - Prob. 9P Ch. 1.1 - Prob. 10P

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A formula for the demand curve, assuming that it is linear

Solution Summary: The author explains the formula for the demand curve, assuming that it is linear. When the price for a boat tour was 25, the average number of passengers per week increased by 650.

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To find: A formula for the demand curve, assuming that it is linear

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Chapter 1 Solutions

To find:

A formula for the demand curve, assuming that it is linear