Bundle: Macroeconomics: Principles and Policy, 13th + Aplia, 1 term Printed Access Card
13th Edition
ISBN: 9781305617612
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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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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Check out a sample textbook solutionStudents 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 ?
Chapter 1 Solutions
Bundle: Macroeconomics: Principles and Policy, 13th + Aplia, 1 term Printed Access Card
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Similar questions
- Can you provide an explanation of the graph.arrow_forwardcan you help answer these questions based on the grapharrow_forwardThe two graphs attached show the relationship between the number of items sold per week vs number of weeks since the item arrived at the store. Although both graphs show sales are increasing per week, the graphs look different. If you were the store manager, which item would you order more of during week 9 and why?arrow_forward
- In economics, what does the term ceteris paribus mean when analyzing the relationship between two variables? A. All other things being equal or held constant B. The direct relationship between two variables C. The inverse relationship between two variables D. The absence of any relationship between two variablesarrow_forwardIndicate whether each of the following relationships is usually a direct relationship or an inverse relationship. a. A sports team’s winning percentage and attendance at its home games. b. Higher temperatures and sweater sales. c. A person’s income and how often he or she shops at discount stores. d. Higher gasoline prices and miles driven in automobiles.arrow_forward
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