MACROECONOMICS >C< W/MYECONLAB
18th Edition
ISBN: 9781323886038
Author: Pearson
Publisher: Pearson Custom Publishing
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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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Students have asked these similar questions
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
1A.3 The following table shows the relationship between the price
of organic turkeys and the number of turkeys sold by God-
frey's Free-Range Gobblers.
a. Is the relationship between the price of turkeys and the
number of turkeys sold by Godfrey's Free-Range Gob-
blers a positive relationship or a negative relationship?
Explain.
b. Plot the data from the table on a graph, draw a line through
the points, and calculate the slope of the line.
Price per Turkey
$16
20
52
36
8
Quantity of
Turkeys
70
80
160
120
50
Month
September
October
November
December
January
Suppose both the demand for olives and the supply of olives decline by equal amounts over some time period Use graphical analysis to show the effect on equilibrium price and quantity.
Knowledge Booster
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