The following table shows the quantity supplied and quantity demanded of a commodity at certain unit...

  

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The following table shows the quantity supplied and quantity demanded of a commodity at certain unit prices. I Unit Price Demanded Supplied $1.50 1150 $2.75 712.5 $3.25 537.5 Quantity Quantity 340 652.5 777.5 a. From the information given in the table above, describe in your own words, how would you go about showing that the quantity demanded and supplied are linear functions of price, without having to plot a graph. b. By demonstrating what you have describe above, show that the quantity demanded and supplied are linear functions of price and that price is equal to $2.85 when quantity demanded is equal to quantity supplied. The following table shows the quantity supplied and quantity demanded of a commodity at certain unit prices. I Unit Price Demanded Supplied $1.50 1150 $2.75 712.5 $3.25 537.5 Quantity Quantity 340 652.5 777.5 a. From the information given in the table above, describe in your own words, how would you go about showing that the quantity demanded and supplied are linear functions of price, without having to plot a graph. b. By demonstrating what you have describe above, show that the quantity demanded and supplied are linear functions of price and that price is equal to $2.85 when quantity demanded is equal to quantity supplied.

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2 a The linear relationship between quantity demanded and supplied with pr... View the full answer