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A. From the black dotted lines in the graph above, we see that, in June 2008, the price of gasoline peaked at $4 dollars per gallon and dropped to $1.7 in December of that same year. What could explain the price drop of gasoline? How about the gasoline price fluctuations that we observe along the period? B. What is the percentage change in gasoline price between June 2008 and December 2008? C. From the blue dotted lines, we see that the price of ground beef was $3.55 per pound in February 2017. However, in June 2020, the price reached its peak in the last twenty years, at $5.33 per pound. What is the percentage change in price? I D. Now suppose an average South Carolina household has a budget of $100 dollars per week to spend on pounds of ground beef (QB) and gallons of gasoline (Qc). And the price of gas (PG) is $4 dollars per gallon while the price of ground beef (PB) is $2 dollars per pound. What is the budget constraint of this household? E. From the budget constraint equation, isolate the quantity of Ground Beef (QB) on one side and move all the other terms to the other side of the equation. You now have a linear equation, what is the slope and the intercept? 3

A. From the black dotted lines in the graph above, we see that, in June 2008, the price of gasoline peaked at $4 dollars per gallon and dropped to $1.7 in December of that same year. What could explain the price drop of gasoline? How about the gasoline price fluctuations that we observe along the period? B. What is the percentage change in gasoline price between June 2008 and December 2008? C. From the blue dotted lines, we see that the price of ground beef was $3.55 per pound in February 2017. However, in June 2020, the price reached its peak in the last twenty years, at $5.33 per pound. What is the percentage change in price? I D. Now suppose an average South Carolina household has a budget of $100 dollars per week to spend on pounds of ground beef (QB) and gallons of gasoline (Qc). And the price of gas (PG) is $4 dollars per gallon while the price of ground beef (PB) is $2 dollars per pound. What is the budget constraint of this household? E. From the budget constraint equation, isolate the quantity of Ground Beef (QB) on one side and move all the other terms to the other side of the equation. You now have a linear equation, what is the slope and the intercept? 3

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Meat and gasoline are two important components of the household budget in typical American homes, especially in lower income households. The figure below shows the evolution of average prices for Ground beef (per pound) and Gasoline (per gallon) for the 2001-2021 period in the United States. Average price data (in U.S. dollars), selected items Bananas, per lb. Bread, white, pan, per lb.. Chicken, fresh, whole, per lb. Eggs, grade A, large, per doz. Ground chuck, 100% beef, per lb. - Milk, fresh, whole, fortified, per gal. $6.00 $4.00 Lampions $2.00 $0.00 Aug 2001 Aug 2003 ...... A Aug 2005 Oranges, Navel, per lb. Tomatoes, field grown, per lb. Electricity per KWH Gasoline, unleaded regular, per gallon Utility (piped) gas per therm Aug 2007 Mummy Aug 2009 Aug 2011 Aug 2013 Aug 2015 Aug 2017 Aug 2019 Aug 2021 Hover over chart to view data. Note Shaded area represents recession, as determined by the National Bureau of Economic Research.. Source US. Bureau of Labor Statistics. Figure 1. Evolution of Ground beef and Gasoline average prices in the United States, 2001-2021.
Transcribed Image Text:Meat and gasoline are two important components of the household budget in typical American homes, especially in lower income households. The figure below shows the evolution of average prices for Ground beef (per pound) and Gasoline (per gallon) for the 2001-2021 period in the United States. Average price data (in U.S. dollars), selected items Bananas, per lb. Bread, white, pan, per lb.. Chicken, fresh, whole, per lb. Eggs, grade A, large, per doz. Ground chuck, 100% beef, per lb. - Milk, fresh, whole, fortified, per gal. $6.00 $4.00 Lampions $2.00 $0.00 Aug 2001 Aug 2003 ...... A Aug 2005 Oranges, Navel, per lb. Tomatoes, field grown, per lb. Electricity per KWH Gasoline, unleaded regular, per gallon Utility (piped) gas per therm Aug 2007 Mummy Aug 2009 Aug 2011 Aug 2013 Aug 2015 Aug 2017 Aug 2019 Aug 2021 Hover over chart to view data. Note Shaded area represents recession, as determined by the National Bureau of Economic Research.. Source US. Bureau of Labor Statistics. Figure 1. Evolution of Ground beef and Gasoline average prices in the United States, 2001-2021.
A. From the black dotted lines in the graph above, we see that, in June 2008, the price of gasoline peaked at $4 dollars per gallon and dropped to $1.7 in December of that same year. What could explain the price drop of gasoline? How about the gasoline price fluctuations that we observe along the period? B. What is the percentage change in gasoline price between June 2008 and December 2008? C. From the blue dotted lines, we see that the price of ground beef was $3.55 per pound in February 2017. However, in June 2020, the price reached its peak in the last twenty years, at $5.33 per pound. What is the percentage change in price? I D. Now suppose an average South Carolina household has a budget of $100 dollars per week to spend on pounds of ground beef (QB) and gallons of gasoline (Qc). And the price of gas (PG) is $4 dollars per gallon while the price of ground beef (PB) is $2 dollars per pound. What is the budget constraint of this household? E. From the budget constraint equation, isolate the quantity of Ground Beef (QB) on one side and move all the other terms to the other side of the equation. You now have a linear equation, what is the slope and the intercept? 3
Transcribed Image Text:A. From the black dotted lines in the graph above, we see that, in June 2008, the price of gasoline peaked at $4 dollars per gallon and dropped to $1.7 in December of that same year. What could explain the price drop of gasoline? How about the gasoline price fluctuations that we observe along the period? B. What is the percentage change in gasoline price between June 2008 and December 2008? C. From the blue dotted lines, we see that the price of ground beef was $3.55 per pound in February 2017. However, in June 2020, the price reached its peak in the last twenty years, at $5.33 per pound. What is the percentage change in price? I D. Now suppose an average South Carolina household has a budget of $100 dollars per week to spend on pounds of ground beef (QB) and gallons of gasoline (Qc). And the price of gas (PG) is $4 dollars per gallon while the price of ground beef (PB) is $2 dollars per pound. What is the budget constraint of this household? E. From the budget constraint equation, isolate the quantity of Ground Beef (QB) on one side and move all the other terms to the other side of the equation. You now have a linear equation, what is the slope and the intercept? 3
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