The following graph contains four lines (A, B, C and D), each of which has a slope that is either positive, negative, zero, or infinite. Y-axisX-axisBDCA For each of the following scenarios, indicate whether the relationship between the two variables is positive or negative, as well as which line on the previous graph has a slope that reflects this type of relationship. Hint: The X-axis and Y-axis on the graph are not labeled intentionally. You need to substitute the variables from each scenario for the horizontal and vertical axis. For example, in the first scenario, X-axis should be labeled “ ice-cream" and Y-axis should be labeled "The temperature". Scenario Relationship Line As the temperature rises, the demand for ice-cream rises. Negative As the temperature rises, the demand for hot cocoa falls. Positive As the temperature falls, the demand for popsicles falls. Negative True or False: Line B has a slope of infinity. True False The following graphs show the relationship between the price of cherries and the quantity of cherries supplied in two different regions, the North and the and South. Assume that the two lines are parallel. PRICE (Dollars per pound)CHERRIES (Thousands of pounds per year)NorthSouth In the North, if the price goes down by $0.40 per pound, then the quantity supplied in the North goes down by 600 pounds per year. If the price of cherries goes down by $0.40 in the South, what will happen to the quantity supplied? The quantity will decrease by 600 pounds per year. There is not enough information given to determine the supply change in the South. The quantity will increase by 300 pounds per year. The quantity will increase by 600 pounds per year.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The following graph contains four lines (A, B, C and D), each of which has a slope that is either positive, negative, zero, or infinite.

Y-axisX-axisBDCA

For each of the following scenarios, indicate whether the relationship between the two variables is positive or negative, as well as which line on the previous graph has a slope that reflects this type of relationship.

Hint: The X-axis and Y-axis on the graph are not labeled intentionally. You need to substitute the variables from each scenario for the horizontal and vertical axis. For example, in the first scenario, X-axis should be labeled “ ice-cream" and Y-axis should be labeled "The temperature".

Scenario	Relationship	Line
As the temperature rises, the demand for ice-cream rises.	Negative
As the temperature rises, the demand for hot cocoa falls.	Positive
As the temperature falls, the demand for popsicles falls.	Negative

True or False: Line B has a slope of infinity.

True

False

The following graphs show the relationship between the price of cherries and the quantity of cherries supplied in two different regions, the North and the and South. Assume that the two lines are parallel.

PRICE (Dollars per pound)CHERRIES (Thousands of pounds per year)NorthSouth

In the North, if the price goes down by $0.40 per pound, then the quantity supplied in the North goes down by 600 pounds per year. If the price of cherries goes down by $0.40 in the South, what will happen to the quantity supplied?

The quantity will decrease by 600 pounds per year.

There is not enough information given to determine the supply change in the South.

The quantity will increase by 300 pounds per year.

The quantity will increase by 600 pounds per year.

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