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QUESTION
Plot the following Price and Quantity combinations: (4,8), (1,2), (5,10) Is your graph more likely to be a demand curve or a supply curve? why?
- Plot the following Price and Quantity combinations: (4,8), (1,2), (5,10)
- Is your graph more likely to be a demand curve or a supply curve? why?
- Using the equation of a line, and P for price and Q for quantity, what is the algebraic formula of this curve?
- Plot the following Price and Quantity combinations. Note that the points are given in the format (Quantity, Price). (0,50), (2,40), (4,30), (6,20), (8,10)
- Using the equation of a line, what is the algebraic formula of this demand curve?
- Price: $50, Quantity: (Instructions: Suppose the equation of the line changes to P=-5*Q+70. Compute the quantity demanded at each indicated price.
- Price: $40, Quantity:
- Price: $30, Quantity:
- Price: $20, Quantity
- Price: $10, Quantity
