Question

An economist believes there is a linear relationship between the market
price of a particular commodity and the number of units suppliers of the
commodity are willing to bring to the marketplace. Two sample
observations indicate that when the price equals
$15 per unit, the weekly
supply equals 30,000 units; and when the price equals $20 per unit, the Weekly supply equal 48,000 units
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 form
of the equation of the line which passes through these two points.
(ii) Interpret the slope of the equation in this application.
(iii) Predict the weekly supply if the market price equals $25 per unit.
(b) Global Insurance Company has four salespeople working in Hill town. The
number of policies sold during the last month is given in matrix A, as
i) Let S= [1 1 1 1]. Find SA and interpret its elements.
Find ௧
and interpret its elements.

Answer 1

Answer:

i)  If price p is plotted on the horizontal axis and the quantity supplied q is on vertical axis then the graph will be a line passing through the points with coordinates (15;30000) and (20;48000).

ii)The equation of the line has the form: y=kx+by=kx+b were k=tan\alpha.k=tanα.

Find kk and bb from the system of equations

(30000=15k+b

48000=20k+b);

(30000=15k+b

48000=20k+b);

​  

;

(48000=20k+b

30000=15k+b);

(48000=20k+b

30000=15k+b);

​  

−;

18000=5k;18000=5k;

k=3600;k=3600; tan\alpha=3600;tanα=3600;

30000=15t

3600+b

b=-24000;30000=15⋅3600+b⟹b=−24000;

q=3600p-24000 -q=3600p−24000− equation of this graph;

iii)If p=35p=35 $ then q=3600

35-24000=102000q=3600⋅35−24000=102000 units;

Answer:If p=35 $ then 102000 units

please mark me the brainliest.