Concept explainers
To describe:a real − world relationship between two
Answer to Problem 14HP
There is positive relationship between quantity supplied and price of commodity.
Explanation of Solution
Calculation:
Consider the example that shows the supply of goods at different days:
Price ($) [x] | Quantity supplied [y] |
10 | 100 |
20 | 150 |
30 | 200 |
The rate of change is change in one quality with respect to another quantity.
Mathematically:
Thus, the rate of change is change in quantity supplied with respect to change in price.
It means that quantity supplied is increased by 5 units per dollar.
Conclusion:
Hence, the example shows that there is positive relationship between quantity supplied and price of commodity.
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