EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
expand_more
expand_more
format_list_bulleted
Question
Chapter 1.A, Problem 3ADQ
Sub part (a):
To determine
The meaning of the slope and intercept.
Sub part (b):
To determine
The meaning of the slope and intercept.
Sub part (c):
To determine
The meaning of the slope and intercept.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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…
Refresh your Math & Graphing Skills
SOP-A
D
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.
X-axis
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.
As the number of hours spent studying falis, the likelihood of getting an A falls.
As the number of hours spent watching TV rises, the average grade received falls.
True
True or False: Line B has a slope of infinity.
O False
www
Relationship Line
Y
The following table shows worldwide sales of a certain type of cell phone and their average selling prices in 2012 and 2013.
Year
2012
2013
Selling Price ($)
395
325
Sales (millions)
741
1,133
(a) Use the data to obtain a linear demand function for this type of cell phone. (Let p be the price, and let q be the demand).
q(p) =
Use your demand equation to predict sales if the price is lowered to $255.
million phones
(b) Fill in the blank.
For every $1 increase in price, sales of this type of cell phone decrease by
million units.
Chapter 1 Solutions
EP ECONOMICS,AP EDITION-CONNECT ACCESS
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
Knowledge Booster
Similar questions
- Suppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each. Please detailed workin. Find a linear equation for the: (i). Demand curve. (ii). Demand function. (b). Find the price per unit when 30 units are demanded.arrow_forwardquestion: Please find the effect of Y and r if there is an increase in the tax rate. Use the following equations and evaluate the total derivative.arrow_forward2. 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? с. d. What is the slope? What does it represent in terms of units pertaining to sales?arrow_forward
- For each of the graphs in Figure 1, determine whether the curve has a positive or negative slope. Give an intuitive explanation for what is happening with the slope of each curve.arrow_forwardThe following graph contains four lines (A, B, C and D), each of which has a slope that is either positive, negative, zero, or infinite. Y-axis с B X A D X-axis ?arrow_forwardA tax on gasoline is proposed in order to raise money for the pollution-control activities of several public agencies. The tax will be 10¢ per gallon, and last year 10.3 million gallons of gasoline were used by motorists (this is strictly an illustrative number). Does this mean that we can anticipate $1,030,000 in revenues from this tax? Explain and use a graph to answer this question.arrow_forward
- Please find the effect of Y and r if there is a decrease in the tax rate. Use the following equations and evaluate the total derivative.arrow_forwardFor 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 “ ice-cream" and Y-axis should be labeled "The temperature". Relationship options: positive, negative Line options: A, B, C, D True or False: Line D has a slope of infinity.arrow_forwardIn the accompanying graph, is the slope of curve A A' positive or negative? Does the slope increase or decrease as we move along the curve from A to A'? Answer the same two questions for curve BB'.arrow_forward
- In the accompanying graph, is the slope of curve AA′ positive or negative? Does the slope increase or decrease as we move along the curve from A to A′? Answer the same two questions for curve BB′.arrow_forwardWhat is the difference between arithmetic and geometric gradient?arrow_forwardThe following graph contains four lines (A, B, C and D), each of which has a slope that is either positive, negative, zero, or infinite. Y-axisX-axisBDCA 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 “ ice-cream" and Y-axis should be labeled "The temperature". Scenario Relationship Line As the temperature rises, the demand for ice-cream rises. Negative As the temperature rises, the demand for hot cocoa falls. Positive As the temperature falls, the demand for popsicles falls. Negative True or False: Line B has a slope of infinity.…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Macroeconomics: Principles and Policy (MindTap Co...EconomicsISBN:9781305280601Author:William J. Baumol, Alan S. BlinderPublisher:Cengage Learning
Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Macroeconomics: Principles and Policy (MindTap Co...
Economics
ISBN:9781305280601
Author:William J. Baumol, Alan S. Blinder
Publisher:Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning