lon 4 A potter makes and sells ceramic bowls. It is observed that when the price is $32, only 9 bowls are sold in a week; but when the price decreases to $10, weekly sales rise to 20. Assuming that demand can be modelled by a linear function, (a) obtain a formula for Pin terms of Q: (b) Calculate for the slope of the curve if the relationship between p and Q is linear. (c) comment on the likely reliability of the model. Format Table Paragraph BIUA L T
lon 4 A potter makes and sells ceramic bowls. It is observed that when the price is $32, only 9 bowls are sold in a week; but when the price decreases to $10, weekly sales rise to 20. Assuming that demand can be modelled by a linear function, (a) obtain a formula for Pin terms of Q: (b) Calculate for the slope of the curve if the relationship between p and Q is linear. (c) comment on the likely reliability of the model. Format Table Paragraph BIUA L T
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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potter makes and sells ceramic bowls. It is observed that when the
(a) obtain a formula for Pin terms of Q
(b) Calculate for the slope of the curve if the relationship between p and Q is linear.
(c) comment on the likely reliability of the model
Transcribed Image Text:Canvas
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Question 4
A potter makes and sells ceramic bowls. It is observed that when the price is $32, only 9 bowls are sold in a
week; but when the price decreases to $10, weekly sales rise to 20. Assuming that demand can be modelled
by a linear function,
(a) obtain a formula for Pin terms of Q
(b) Calculate for the slope of the curve if the relationship between p and Q is linear.
(c) comment on the likely reliability of the model
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