Chapter 1: Problem 13
Sketch a set of coordinate axes and then plot the point. $$ (-2,5) $$
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Chapter 1: Problem 13
Sketch a set of coordinate axes and then plot the point. $$ (-2,5) $$
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For each demand equation, where \(x\) represents the quantity demanded in units of 1000 and \(p\) is the unit price in dollars, (a) sketch the demand curve and (b) determine the quantity demanded corresponding to the given unit price \(p\). $$ 5 p+4 x-80=0 ; p=10 $$
The amount of corn used in the United States for the production of ethanol is expected to rise steadily as the demand for plant-based fuels continue to increase. The following table gives the projected amount of corn (in billions of bushels) used for ethanol production from 2005 through \(2010(x=1\) corresponds to 2005 ): $$ \begin{array}{lcccccc} \hline \text { Year, } \boldsymbol{x} & 1 & 2 & 3 & 4 & 5 & 6 \\ \hline \text { Amount, } \boldsymbol{y} & 1.4 & 1.6 & 1.8 & 2.1 & 2.3 & 2.5 \\\ \hline \end{array} $$ a. Find an equation of the least-squares line for these data. b. Use the result of part (a) to estimate the amount of corn that will be used for the production of ethanol in 2011 if the trend continues.
The demand equation for the Schmidt- 3000 fax machine is \(3 x+p-1500=0\), where \(x\) is the quantity demanded per week and \(p\) is the unit price in dollars. The supply equation is \(2 x-3 p+1200=\) 0\. where \(x\) is the quantity the supplier will make available in the market each week when the unit price is \(p\) dollars. Find the equilibrium quantity and the equilibrium price for the fax machines.
For each pair of supply-and-demand equations, where \(x\) represents the quantity demanded in units of 1000 and \(p\) is the unit price in dollars, find the equilibrium quantity and the equilibrium price. $$ p=-0.3 x+6 \text { and } p=0.15 x+1.5 $$
Suppose the demand-and-supply equations for a certain commodity are given by \(p=a x+b\) and \(p=c x+d\), respectively, where \(a<0, c>0\), and \(b>d>0\) (see the accompanying figure). a. Find the equilibrium quantity and equilibrium price in terms of \(a, b, c\), and \(d\). b. Use part (a) to determine what happens to the market equilibrium if \(c\) is increased while \(a, b\), and \(d\) remain fixed. Interpret your answer in economic terms. \(\mathbf{c}\). Use part (a) to determine what happens to the market equilibrium if \(b\) is decreased while \(a, c\), and \(d\) remain fixed. Interpret your answer in economic terms.
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