Principles of Macroeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421193
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Question
Chapter 1.A, Problem 4P
Subpart (a)
To determine
Relationship between price of turkey and quantity of turkey sold.
Subpart (b)
To determine
Slope of the curve.
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Please help me make this a graph
The accompanying table gives the relationship between the price of custard pies and the number of pies Jacob buys per week:
Price
($ per pie)
$3.00
2.00
5.00
6.00
1.00
4.00
Quantity of pies
6
7
4
3
8
5
Week
July 2
July 9
July 16
July 23
July 30
August 6
a. Is the relationship between the price of pies and the number of pies Jacob buys a positive relationship or a negative relationship?
A. Negative relationship
OB. Positive relationship
Assume that when plotting a graph, price (in dollars per pie) is on the y-axis and quantity (in pies per week) is on the x-axis. When plotting the points, when the y-value is 1, the x-value is 8, when
the y-value is 2, the x-value is 7, when the y-value is 3, the x-value is 6, when the y-value is 4, the x-value is 5, when the y-value is 5, the x-value is 4, and when the y-value is 6, the x-value is 3
(Enter your responses as whole numbers.)
The line that best fits the data
The following table shows the weekly demand and supply in the market for ice cream in New York City.
Price
Quantity Demanded
Quantity Supplied
(Dollars per gallon of ice cream)
(Gallons of ice cream)
(Gallons of ice cream)
4
2,000
200
8
1,600
600
12
1,200
800
16
800
1,200
20
400
1,800
Based on the preceding table, plot the demand for ice cream on the following graph using the blue points (circle symbol). Next, plot the supply of ice cream using the orange points (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.
DemandSupplyEquilibrium0400800120016002000240024201612840PRICE (Dollars per gallon of ice cream)QUANTITY (Gallons of ice cream
Chapter 1 Solutions
Principles of Macroeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
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