Situation: In a particular city in the United States, a professor conducted a study to determine...
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Situation: In a particular city in the United States, a professor conducted a study to determine what will be the demand for a certain brand of candy given the price. He was able to obtain to the following data: If the price of the candy is 1 dollar, the amount of candy demanded is 400 pieces. If the price of candy is 1.5 dollars, the amount of candy demanded is 300 pieces. If the price is 2 dollars, the quantity demanded is 200 pieces. Finally, if the price is 2.5 dollars, the quantity demanded is only 100 pieces. Given this situation, answer the following questions: a. What is the relationship between the price of candy and the quantity demanded for candy? b. For every 0.5 dollar increase in the price of candy, how much does the quantity demand for candy decrease? c. For every 0.5 dollar decrease in the price of candy, how much does the quantity demand for candy increase? d. Using the answer you got in letter b, predict the quantity demanded for candy if the price is 3 dollars. e. Using the answer you got in letter b, predict the quantity demanded for candy if the price is 0.5 dollars. f. Using the answer you got in letter b, predict the quantity demanded for candy if candy is free. g. Create a demand schedule (Use Google Image to see what a demand schedule looks like). Note that it is NOT a graph. Include that data you have obtained in letters c, d and e. h. Create a demand curve. (Use Google Image to see what a demand curve looks like). Note that it is a table. Include that data you have obtained in letters c, d and e. Hint: you can create a graph using Excel or Google Sheets. Just paste the demand curve to your document. YouTube has tutorials on how to do this. | Situation: In a particular city in the United States, a professor conducted a study to determine what will be the demand for a certain brand of candy given the price. He was able to obtain to the following data: If the price of the candy is 1 dollar, the amount of candy demanded is 400 pieces. If the price of candy is 1.5 dollars, the amount of candy demanded is 300 pieces. If the price is 2 dollars, the quantity demanded is 200 pieces. Finally, if the price is 2.5 dollars, the quantity demanded is only 100 pieces. Given this situation, answer the following questions: a. What is the relationship between the price of candy and the quantity demanded for candy? b. For every 0.5 dollar increase in the price of candy, how much does the quantity demand for candy decrease? c. For every 0.5 dollar decrease in the price of candy, how much does the quantity demand for candy increase? d. Using the answer you got in letter b, predict the quantity demanded for candy if the price is 3 dollars. e. Using the answer you got in letter b, predict the quantity demanded for candy if the price is 0.5 dollars. f. Using the answer you got in letter b, predict the quantity demanded for candy if candy is free. g. Create a demand schedule (Use Google Image to see what a demand schedule looks like). Note that it is NOT a graph. Include that data you have obtained in letters c, d and e. h. Create a demand curve. (Use Google Image to see what a demand curve looks like). Note that it is a table. Include that data you have obtained in letters c, d and e. Hint: you can create a graph using Excel or Google Sheets. Just paste the demand curve to your document. YouTube has tutorials on how to do this. |
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