Question: The following data represent the price p and quantity demanded per day q of 24 LCD monitor. Price, p (in dollars) . Quantity Demanded, q

The following data represent the price p and quantity demanded per day q of 24" LCD monitor.

    Price, p (in dollars) …………………. Quantity Demanded, q

150 …………………………………………………………….. 100

200 …………………………………………………………….. 80

250 ……………………………………………………………..  60

300 ……………………………………………………………..  40


(a) Plot the ordered pairs (p, q) in a Cartesian plane.

(b) Show that quantity demanded q is a linear function of the price p.

(c) Determine the linear function that describes the relation between p and q.

(d) What is the implied domain of the linear function?

(e) Graph the linear function in the Cartesian plane drawn in part (a).

(f) Interpret the slope.

(g) Interpret the values of the intercepts.

Step by Step Solution

★★★★★

3.45 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a b Since each input price corresponds to a single output quantity demanded we ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Precalculus Questions!

Q:

Suppose the following data represent the price of 20 reams of office paper over a 50-year time frame. Find the simple index numbers for the data. a. Let 1950 be the base year. b. Let 1980 be the...

Q:

The following data represent the price and quantity demanded in 2009 for Dell personal computers. Price ($/Computer) . Quantity Demanded 2300 .. 171 2000 .. 152 1700 .. 159 1500 .. 164 1300 .. 176...

Q:

The following data represent the price and quantity supplied in 2009 for Dell personal computers. Price ($/Computer) . Quantity Supplied 2300 .. 150 2000 .. 180 1700 .. 173 1500 .. 160 1300 .. 137...

Q:

The following data represent the price p and quantity demanded per day q of 24-in. OLED monitors. (a) Plot the ordered pairs (p, q) in a Cartesian plane. (b) Show that quantity demanded q is a linear...

Q:

The daily price, \(p\), and quantity, demanded, \(q\), of gasoline on a European Wholesale spot market can be viewed (approximately) as the outcome of a bivariate normal random variable, where the...

Q:

Can I get some help please? The demand/supply schedules for new one bedroom condos in a certain area are shown below: Price (P).... .... ....... Quantity Demanded... ............... Quantity Supplied...

Q:

2. The daily price, p, and quantity, demanded, q, of gasoline on a European Wholesale spot market can be viewed (approximately) as the outcome of a bivariate normal random variable, where the...

Q:

Kindly please solve it. Assignment Pricing Question-1: a) If a product has full cost of Rs. 750, calculate selling price using a 40% markup and a 25% margin? b) If product has profit of Rs. 100,...

Q:

Files 12:56 PM Mon May 16 25% Unit+2+workbook Q . . . Home Insert Draw Layout Review View Calibri Bold (Body) 36 B I U aAv A v Unit 2-Supply and Demand Name: HR: LAW OF SUPPLY Use the space below to...

Q:

Final_Exam_Macro Question 1 (2 points) Purchasing-power panty theory does not hold at all times because many goods are not easily transported and the same goods produced in different countries may be...

Q:

At present time, the U.S. federal income tax code allows corporations to deduct interest expense but not cash dividends paid to stockholders. Does the tax code tie in with any of the equity theories?

Q:

In the ABO blood system in human beings, alleles IA and IB are dominant, and both are dominant to the i allele. In a paternity dispute, a type AB woman claimed that one of four men, each with...

Q:

A study reported that 6% of the respondents were Omnivores who are gadget lovers, text messengers, and online gamers (often with their own blogs or Web pages), video makers, and YouTube posters....

Q:

A major department store chain is having an end-of-season sale on refrigerators. The number of refrigerators sold during this sale at a sample of 10 stores was: 80 110 0 40 70 80 100 50 80 30 a. Is...

Q:

The following data represent a simple random sample of n = 5 from three populations that are known to be normally distributed. Verify that the F-test statistic is 2.599. Sample 2 Sample 3 Sample 1 67...

Q:

The data in the table represent the number of corn plants in randomly sampled rows (a 17-foot by 5-inch strip) for various types of plot. An agricultural researcher wants to know whether the mean...

Q:

The data in the table represent the number of corn plants in randomly sampled rows (a 17-foot by 5-inch strip) for various types of plot. An agricultural researcher wants to know whether the mean...

Q:

For the cash flows shown, determine: ( a ) the number of possible i * * values ( b ) the i * * value displayed by the IRR function ( c ) the external rate of return using the MIRR method if i i = 1 8...

Q:

Recently you have joined as Quality Manger of a large Highrise building project. For construction purpose your project uses a Pre-caste concrete blocks of different shapes and sizes. After taking...

Q:

For many years businesses have struggled with the rising cost of health care. But recently, the increases have slowed due to less inflation in health care prices and employees paying for a larger...