Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 7.1, Problem 4QQ
To determine
Marginal utility .
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Stores commonly offer a cheaper unit price for large quantity purchases.
Quantity Unit Price
100.00
80.00
70.00
50.00
40.00
Down
1
2
5
10
20
B
P
a. Make a graph of the data large enough to include a quantity of 30 (use graph paper, label completely, and
choose the correct axis for the independent (x) and dependent (y) variables).
b. Find the slope between quantities 1 and 2. Explain the meaning of the slope in context.
The slope is
which means
Select an answer
c. Find the slope between quantities 5 and 10.
d. Add a trend line to the graph.
e. Estimate the unit price for a quantity of 30 to the nearest dollar.
S
f. Estimate the quantity for a unit price of $44 to the nearest unit.
units
SLOPE OF A LINE
1. Compute the slope between points B and D.
2. Interpret/Explain descriptively the slope of the line as shown on the graph. What is the nature of the relationship between the two goods in terms of purchases?
3. What is the price per unit of the food? What is the price per unit of the clothing?
Help me with this one, please. Thank you.
2. A store can sell 40 widgets per week at $8 each and 25
widgets at $13 each.
a. Find the demand function.
b. What is the vertical ("y") intercept? What does it
represent in terms of sales?
Ń.
d. What is the slope? What does it represent in terms of
units pertaining to sales?
Chapter 7 Solutions
Microeconomics
Ch. 7.1 - Prob. 1QQCh. 7.1 - Prob. 2QQCh. 7.1 - Prob. 3QQCh. 7.1 - Prob. 4QQCh. 7.A - Prob. 1ADQCh. 7.A - Prob. 2ADQCh. 7.A - Prob. 3ADQCh. 7.A - Prob. 1ARQCh. 7.A - Prob. 2ARQCh. 7.A - Prob. 1AP
Ch. 7.A - Prob. 2APCh. 7.A - Prob. 3APCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 1RQCh. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - Prob. 5RQCh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 5PCh. 7 - Prob. 6PCh. 7 - Prob. 7P
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- Which of the following is NOT a supply shifter? * O A. Technology OB. Number of sellers O C. Demand OD. Government regulationsarrow_forwardUse the graph to answer the following: (a) At the optimal consumption point, approximately how many armadillos will be consumed? (b) Approximately how many apricots will be consumed? (c) If this consumer spent all of his income on armadillos, how many armadillos could he buy? (d) If his income decreased, what would it look like? Draw the appropriate shift on the graph.arrow_forwardWhat type of relationship would you expect between thefollowing?a. Sales of hot dogs and sales of hot dog bunsb. The price of winter coats and sales of winter coatsc. The price of personal computers and the production ofpersonal computersd. Sales of toothbrushes and sales of cat foode. The number of children in a family and the number oftoys in a family2. Represent the following data in bar graph form.arrow_forward
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