MICROECONOMICS (LOOSELEAF)-W/CONNECT
21st Edition
ISBN: 9781260430608
Author: McConnell
Publisher: MCG
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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.
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Students have asked these similar questions
Look at Figure, which shows the inverse relationship between ticket prices and game attendance at Gigantic State University. (a) Interpret the meaning of both the slope and the intercept. (b) If the slope of the line were steeper, what would that say about the amount by which ticket sales respond to increases in ticket prices? (c) If the slope of the line stayed the same but the intercept increased, what can you say about the amount by which ticket sales respond to increases in ticket prices?
Marketing surveys conducted by the sales manager for a company determined that 3,000 power drills could be sold for $60 each, but 4,000 drills could be sold for $50 each.
(a)
If the two data points were plotted on a coordinate system with the number of drills sold on the horizontal axis and the price of each drill on the vertical axis, what is the slope of the line between the two points?
(b)
Write a sentence that explains the result in part (a) in the context of this problem.
For every additional drill sold, the price per drill (in cents) decreases by cent(s).
(c)
Assuming the trend in part (a) continues, how many drills can be sold for $56?
drills
The variable shown on the vertical axis is _________ .
The units for the variable on the horizontal axis are __________ .
There are two ways to view the information presented on the graph. First, the graph tells us the amount a person with a certain income is likely to spend on a car, and second, it tells us the probable income of a person who spent a certain amount on a car. For example, if an individual earned $40,000 last year and purchased a new car, you would expect that person to have paid about _________ for the car. Similarly, if someone just paid $25,000 for a car, you could use this graph to estimate that this person's income was probably around __________ .
Chapter 1 Solutions
MICROECONOMICS (LOOSELEAF)-W/CONNECT
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
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