Use the following graph to answer questions 1 through 3: 25- -24- -23+ 22 -21- 20- -19- -18- 17+ 16+ -15- 14+ 73+ -12- -#1- -10+ 9+ 8+ 24 ++ 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1. Plot the following Price and Quantity combinations: (4,8), (1, 2), (5, 10) 2. Is your graph more likely to be a demand curve or a supply curve? Why? 3. Using the equation of a line, and P for price and Q for quantity, what is the algebraic formula of this curve?

Use the following graph to answer questions 1 through 3: 25- -24- -23+ 22 -21- 20- -19- -18- 17+ 16+ -15- 14+ 73+ -12- -#1- -10+ 9+ 8+ 24 ++ 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1. Plot the following Price and Quantity combinations: (4,8), (1, 2), (5, 10) 2. Is your graph more likely to be a demand curve or a supply curve? Why? 3. Using the equation of a line, and P for price and Q for quantity, what is the algebraic formula of this curve?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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