MACROECONOMICS
14th Edition
ISBN: 9781337794985
Author: Baumol
Publisher: CENGAGE L
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Question
Chapter 1.A, Problem 3TY
To determine
To draw:
The graph representing the numbers and calculation and interpretation of slope between the adjacent dots.
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Students have asked these similar questions
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
here is a negative relationship between two variables if:
they move in opposite directions.
they move in the same direction.
one variable changes and the other does not.
neither variable moves.
What type pf correlation does the graph show ?
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Similar questions
- Can you provide an explanation of the graph.arrow_forwardGiven the following data table: X Y 21 68 72 55 38 59 57 57 45 61 What is the correlation between X and Y? Include 3 decimal places in your answer.arrow_forwardThe slope of a curve measures the rate of change of the ___________ variable.arrow_forward
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