The following table shows the quantity D of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year at a price P, in dollars per bushel. D= quantity of wheat P = price 1.0 $2.05 1.5 $1.75 2.0 $1.45 $1.15 2.5 In economics, it is customary to plot D on the horizontal axis and P on the vertical axis, so we will think of D as a variable and of P as a function of D. (a) Show that these data can be modeled by a linear function. For each increase of 0.50 in D there is --Select-- Find its formula. (Use P for price and D for quantity.) P = -10 8 6 4 (b) Add the graph of the linear formula you found in part (a), which is called the market demand curve, to the following graph based on the following table for market supply curve S= quantity of wheat 1.0 1.5 2.0 2.5 9 NOTES for MOD....pdf ^ P 10 -2 8 4 2 -2 -6- -8- -Select-of -10- 10 P = price $1.35 $2.40 $3.45 $4.50 in P. 2 46 8 10 /s S P -10 -8 -6 4 -2 8 6 4 2 -6 -8 -10 10- 2 4 6 8 10 S
The following table shows the quantity D of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year at a price P, in dollars per bushel. D= quantity of wheat P = price 1.0 $2.05 1.5 $1.75 2.0 $1.45 $1.15 2.5 In economics, it is customary to plot D on the horizontal axis and P on the vertical axis, so we will think of D as a variable and of P as a function of D. (a) Show that these data can be modeled by a linear function. For each increase of 0.50 in D there is --Select-- Find its formula. (Use P for price and D for quantity.) P = -10 8 6 4 (b) Add the graph of the linear formula you found in part (a), which is called the market demand curve, to the following graph based on the following table for market supply curve S= quantity of wheat 1.0 1.5 2.0 2.5 9 NOTES for MOD....pdf ^ P 10 -2 8 4 2 -2 -6- -8- -Select-of -10- 10 P = price $1.35 $2.40 $3.45 $4.50 in P. 2 46 8 10 /s S P -10 -8 -6 4 -2 8 6 4 2 -6 -8 -10 10- 2 4 6 8 10 S
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter12: Quadratic Functions
Section12.8: Joint And Combined Variation
Problem 8P
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Transcribed Image Text:2.5
10:
8
-10 8-64-2
-10-8-6-4
2
-6
-10
-2
4
$4.50
2 4 6 8 10
2 4 6 8 10
S
-10-8-6
-10-8 & -4
8
6
2
15
-4
-6
-8
-10
2
4 6 8 10
S
2 4
6
S.
8 10
(c) Explain why the market demand curve should be decreasing.
As the price of wheat increases, wheat consumers will be willing to purchase less of it. This means that the market demand curve will be going --Select--as it goes to the
-Select-, so it is decreasing.
(d) The equilibrium price is the price determined by the intersection of the market demand curve and the market supply curve. Find the equilibrium price determined by your graph in part (b)
(Round your answer to two decimal places.)
$
Transcribed Image Text:The following table shows the quantity D of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year at a price P, in dollars per bushel.
D= quantity of wheat
P = price
1.0
$2.05
1.5
$1.75
2.0
$1.45
$1.15
2.5
In economics, it is customary to plot D on the horizontal axis and P on the vertical axis, so we will think of D as a variable and of P as a function of D.
(a) Show that these data can be modeled by a linear function.
For each increase of 0.50 in D there is --Select---
Find its formula. (Use P for price and D for quantity.)
P =
9 NOTES for MOD....pdf
(b) Add the graph of the linear formula you found in part (a), which is called the market demand curve, to the following graph based on the following table for market supply curve
S = quantity of wheat
1.0
1.5
2.0
2.5
-10 8 6 4
P
10
-2
8
4
2
-2
-Select-of
-6
-8-
-10-
107
P = price
$1.35
$2.40
$3.45
$4.50
2 46 8 10
/s
S
in P.
-10 -8 -6
P
2 -2
8-
6
4
2
-6
-8
-10
10
2
4 6 8 10
S
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