Suppose that the relationship between price, P, and quantity, Q, is given by the equation Q=50-2P. Which of the following equations correctly represents solving Q=50-2P for P? OP=50+Q OP=50-20 OP=25-20 OP=50-Q • P=25-Q Plot the relationship between P and Q on the following graph. Note: Price (P) is on the vertical axis and quantity (Q) is on the horizontal axis. PRICE 9 A 8 10 n 8 QUANTITY The slope of this line is -0.50 - Suppose that the P in this equation refers to the price Julie is willing to pay for an additional magazine, and the Q refers to the number of magazines to which Julie subscribes. Read the following statement carefully: "The more magazines Julie subscribes to, the less she is willing to pay for an additional magazine. Which of the following best summarizes the pattern of causality suggested by this statement? O A change in P causes a change in Q. O A change in Q causes a change in P. O The relationship between P and Q is not a causal relationship.

Suppose that the relationship between price, P, and quantity, Q, is given by the equation Q=50-2P. Which of the following equations correctly represents solving Q=50-2P for P? OP=50+Q OP=50-20 OP=25-20 OP=50-Q • P=25-Q Plot the relationship between P and Q on the following graph. Note: Price (P) is on the vertical axis and quantity (Q) is on the horizontal axis. PRICE 9 A 8 10 n 8 QUANTITY The slope of this line is -0.50 - Suppose that the P in this equation refers to the price Julie is willing to pay for an additional magazine, and the Q refers to the number of magazines to which Julie subscribes. Read the following statement carefully: "The more magazines Julie subscribes to, the less she is willing to pay for an additional magazine. Which of the following best summarizes the pattern of causality suggested by this statement? O A change in P causes a change in Q. O A change in Q causes a change in P. O The relationship between P and Q is not a causal relationship.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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