An economist believes there is a linear relationship between the market price of a particular commodity...

 

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An economist believes there is a linear relationship between the market price of a particular commodity and the number of units suppliers of the commodity are willing to bring to the marketplace. Two sample observations indicate that when the price cquals $15 per unit, the weekly sunply equals 30,000 units; and when the price equals $20 per unit, the weekly supply cquals 48,000 units. supplied q is plotted on the vertical axis, determine the slope-intercept form (ii) Interpret the slope of the equation in this application. (i) If price per unit, p, is plotted on the horizonta! axis and the quantity of the equation of the line which passes through these two points. supplied g is plotted on the vertical axis, determine the slope-intercept form (ii) Interpret the slope of the equation in this application. (iii) Predict the weekty supply if the market price equals $25 per unit. An economist believes there is a linear relationship between the market price of a particular commodity and the number of units suppliers of the commodity are willing to bring to the marketplace. Two sample observations indicate that when the price cquals $15 per unit, the weekly sunply equals 30,000 units; and when the price equals $20 per unit, the weekly supply cquals 48,000 units. supplied q is plotted on the vertical axis, determine the slope-intercept form (ii) Interpret the slope of the equation in this application. (i) If price per unit, p, is plotted on the horizonta! axis and the quantity of the equation of the line which passes through these two points. supplied g is plotted on the vertical axis, determine the slope-intercept form (ii) Interpret the slope of the equation in this application. (iii) Predict the weekty supply if the market price equals $25 per unit.