Macroeconomics: Principles and Policy (MindTap Course List)
Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280601
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
Question
Chapter 1.A, Problem 3TY
To determine

To draw:

The graph representing the numbers and calculation and to interpret the slope between the adjacent dots.

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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
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