Question 1

The concept of slope is very useful in economics because it .....

 

 A.) tells us the value of y for a given x value.

B.) constant along the graph of a quadratic equation.

  C.) tells us where the graph of an equation crosses the vertical intercept.

 D.) measures the relationship between two variables.

 

Question 2

A positive slope means that  A positive slope means that .....

 

A.) two variables are positively related, as one increases so does the other.

B.) two variables are positively related, as one increases the other decreases.

C.) two variables are inversely related, as one increases so does the other.

D.) two variables are inversely related, as one decreases so does the other.

 

Question 3

A negative slope means that  A negative slope means that ....

 

A.) in a graph of a straight line, the line increases from left to right.

B.) two variables are inversely related, as one increases so does the other.

C.) when x increases, y decreases.

D.) the value of y is constant for any given value of x.

 

Question 4

What is the slope of the following linear equation: y = 6x + 9?

 

 

Question 5

The graph of a straight line contains two points, A and B. At point A on the line, x equals 3 and y equals 8. At point B on the line, x equals 9 and y equals 4. What is the slope of this line? (Round your answer to 2 decimal places.)

 

 

Question 6

Where does the graph of the following line cross the vertical intercept: y = 1x + -4?

 

 

Question 7 

Suppose that the market demand for cell phone service is given by the following equation:

Qd = 366 - 2P

where Qd is the quantity of lines per month that people in the local area would be willing to purchase at a monthly price of P dollars.

What is the quantity demanded at a price of 37 dollars per month?

 

 

Question 8

Suppose that the market supply of car washes in the local area is given by the following equation:

Qs = 277 + 4P

where Qs is the quantity washes per day that sellers in the local area would be willing to provide at a price of P dollars.

What is the quantity supplied at a price of 13 dollars?

 

 

Question 9

Suppose the demand for gourmet personal pan pizzas is given by the following equation:

Qd = 11 - 2P

where Qd is the amount of pizzas consumers want to buy (i.e., quantity demanded), and P is the price of pizzas.

Suppose the supply of gourmet personal pan pizzas is:

Qs = 2 + 1P

where Qs is the amount of pizzas producers will supply (i.e., quantity supplied).

Finally, suppose that the gourmet personal pan pizza market operates where quantity demanded equals quantity supplied (i.e., equilibrium). What is the equilibrium market price of gourmet personal pan pizzas? (Round your answer to 2 decimal places.)

 

Question 10

Suppose your job pays $8.37 per hour. Your boss has been impressed with your productivity on the job and offers you a $0.8 per hour raise. What is the percentage change (or growth rate) of your wage? (Round your answer to 2 decimal places.)

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Status NEW Posted 05 Jun 2017 07:06 AM My Price 13.00

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