We will use graphical analysis extensively in our course occasionally supplemented by some mathematics. Given a graph of a line, it is relatively easy and very helpful to derive the equation of the line. For each of the three lines below, enter the equation of the line. Demand, marginal revenue, and marginal cost are essential elements of many microeconomic models, but it is not yet necessary to define what the line represents. For this problem, these are just convenient labels for the lines (linear curves). The generic equation for a line is

Y = a + bX where ais the Y-axis intercept and b is the slope of the line (rise/run). For these graphs, price (P) is measured on the Y-axis and quantity (Q) is on the X-axis.

Demand (D), Marginal Revenue (MR), Marginal Cost (MC) 45 40 35 30 25 Price in Dollars N 5 0 1 2 3 4 5 6 7 8 9 10 Quantity per Time -D MR MC