MACROECON-EBK+MYECONLAB CDE+STUDENT PKT
7th Edition
ISBN: 9780135622957
Author: HUBBARD/GOFFE
Publisher: PEARSON C
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Chapter 1.A, Problem 2PA
To determine
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Indicate how each of the following might affect the data shown in the table and graph in Figure 2 of this appendix: a. GSU’s athletic director schedules higher-quality opponents. b. An NBA team locates in the city where GSU plays. c. GSU contracts to have all its home games televised
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
2.5
$1.15
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 of in P.
Find its formula. (Use P for price and D for quantity.)P =
−.6d+265
(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
P = price
1.0
$1.35
1.5
$2.40
2.0
$3.45
2.5
$4.50
The following graph contains four lines (A, B, C and D), each of which has a slope that is either positive, negative, zero, or infinite.
For each of the following scenarios, indicate whether the relationship between the two variables is positive or negative, as well as which line on the previous graph has a slope that reflects this type of relationship.
Hint: The X-axis and Y-axis on the graph are not labeled intentionally. You need to substitute the variables from each scenario for the horizontal and vertical axis. For example, in the first scenario, X-axis should be labeled “ The average grade received" and Y-axis should be labeled "The number of hours spent studying".
Scenario: As the number of hours spent studying rises, the average grade received rises.
Relationship: Positive or Negative
Line: A, B, C, or D?
Scenario: As the number of hours spent watching TV rises, the average grade received falls.
Relationship: Positive or Negative
Line: A, B, C, or D?
Scenario: As the…
Chapter 1 Solutions
MACROECON-EBK+MYECONLAB CDE+STUDENT PKT
Ch. 1.A - Prob. 1PACh. 1.A - Prob. 2PACh. 1.A - Prob. 3PACh. 1.A - Prob. 4PACh. 1.A - Prob. 5PACh. 1.A - What is the area of the triangle shown in the...Ch. 1.A - Prob. 7PACh. 1 - Prob. 1TCCh. 1 - Prob. 2TCCh. 1 - Prob. 1.1.1RQ
Ch. 1 - Prob. 1.1.2RQCh. 1 - Prob. 1.1.3PACh. 1 - Prob. 1.1.4PACh. 1 - Prob. 1.1.5PACh. 1 - Prob. 1.1.6PACh. 1 - Prob. 1.1.7PACh. 1 - Prob. 1.1.8PACh. 1 - Prob. 1.1.9PACh. 1 - Prob. 1.1.10PACh. 1 - Prob. 1.1.11PACh. 1 - Prob. 1.2.1RQCh. 1 - Prob. 1.2.2RQCh. 1 - Prob. 1.2.3RQCh. 1 - Prob. 1.2.4RQCh. 1 - Prob. 1.2.5PACh. 1 - Prob. 1.2.6PACh. 1 - Prob. 1.2.7PACh. 1 - Prob. 1.2.8PACh. 1 - Prob. 1.2.9PACh. 1 - Prob. 1.2.10PACh. 1 - Prob. 1.2.11PACh. 1 - Prob. 1.2.12PACh. 1 - Prob. 1.2.13PACh. 1 - Prob. 1.3.1RQCh. 1 - Prob. 1.3.2RQCh. 1 - Prob. 1.3.3RQCh. 1 - Prob. 1.3.4PACh. 1 - Prob. 1.3.5PACh. 1 - Prob. 1.3.6PACh. 1 - Prob. 1.3.7PACh. 1 - Prob. 1.3.8PACh. 1 - Prob. 1.3.9PACh. 1 - Prob. 1.3.10PACh. 1 - Prob. 1.3.11PACh. 1 - Prob. 1.4.1RQCh. 1 - Prob. 1.4.2RQCh. 1 - Prob. 1.4.3PACh. 1 - Prob. 1.4.4PACh. 1 - Prob. 1.1CTECh. 1 - Prob. 1.2CTE
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- Suppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls Bottles of Gatorade 2020 price Rs.250 Rs.450 Rs.150 2020 quantity 100 100 200 2021 price Rs.250 Rs.653 Rs.255 2021 quantity 100 100 200 a. What is the percentage change in the price of Tennis Balls? b. What is the percentage change in the price of Golf Balls? c. What is the percentage change in the price of Bottles of Gatorade ? d. Using a method similar to the CPI, compute the percentage change in the overall price level.arrow_forwardThe accompanying graph shows curve XX' and tangents to the curve at points A, B, and C. Calculate the slope of the curve at each of these three points.arrow_forward3. Suppose an economy consists of Baseball, Seafood, and Technology. To produce one unit of Baseball requires: .2 units of Baseball .4 of units of Seafood .3 units of Technology To produce one unit of Seafood requires: .1 units of Baseball .2 of units of Seafood .5 units of Technology To produce one unit of Technology requires: .3 units of Baseball .1 of units of Seafood .5 units of Technology The consumer demand is: 170 units of Baseball 100 units of Seafood 200 units of Technology A. Define the necessary variables to determine the amount of Baseball, Seafood, and Technology to supply to satisfy manufacturing and consumer demands. B is S is T is B. What are the 3 algebraic equations that relate the amount supplied, amount consumed during manufacturing, and amount demanded by the consumer? C. Express the 3 equations from part B in the equivalent matrix form. D. How much Baseball, Seafood, and Technology must be supplied to meet manufacturing and consumer…arrow_forward
- The accompanying graph shows curve XX′ and tangents at points A, B, and C. Calculate the slope of the curve at these three points.arrow_forwardA heavy rainstorm damages this year’s crop of peanuts. The price of peanut butter increases. What will happen to the demand of jelly? Answer the 3 questions below related to this scenario. Complete sentences are not required. Please number each answer. 1. Will there be an increase or decrease? 2. Which way will the graph shift? 3. What is the determinant?arrow_forwardSuppose the following equation describes the relationship between the average number of classes missed during a semester (missed) and the distance from school (distance, measured in miles): missed = 3 +0.2 distance (i) Sketch this line, being sure to label the axes. How do you interpret the intercept in this equation? (ii) What is the average number of classes missed for someone who lives five miles away? (iii) What is the difference in the average number of classes missed for someone who lives 10 miles away and someone who lives 20 miles away?arrow_forward
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