an economics believes there is a linear relationship between the market price of a particular commodity and the number of units suppliers of commodity are willing to bring the Marketplace to sample observation indicate that when the price is equal $15 per unit the weekly supply equal 30,000 units and when the price is equal $20 per unit the weekly supply equal 48000 units
a) if price per unit P is plotted on the horizontal axis and the quantity supplied Q is plotted on the vertical Axis determine the slope intercept from the equation of the line which passes through these two points intercept the slope of question in this application predict the weekly supply is the market price equal $25 per unit
Answers
Given : when the price is equal $15 per unit the weekly supply equal 30,000 units and when the price is equal $20 per unit the weekly supply equal 48000 units
To Find : determine the slope intercept from
Solution:
price per unit P is plotted on the horizontal axis and the quantity supplied Q is plotted on the vertical Axis
slope intercept from = y = mx + c
y represents Q
x represent P
( x , y) ⇔ (P , Q)
( 15 , 30000) , (20 , 48000)
Slope = ( 48000 - 30000)/ (20 - 15) = 3600
y - 48000 = 3600(x - 20)
=> y - 48000 = 3600x - 72000
=> y = 3600x - 24000
y = 3600x - 24000 is the slope intercept from
or Q = 3600P - 24000
weekly supply if the market price equal $25 per unit
=> P = 25
Q = 3600 * 25 - 24000
=> Q = 66000 units
weekly supply = 66000 units if the market price equal $25 per unit
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