1.The graph of a straight line contains two points, A and B. At point A on the l
ID: 1093149 • Letter: 1
Question
1.The graph of a straight line contains two points, A and B. At point A on the line, x equals 3 and y equals 3. At point B on the line, x equals 10 and y equals 5. What is the slope of this line?
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2.
Suppose the demand for gourmet personal pan pizzas is given by the following equation:
Qd = 10 - 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 = 1 + 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 answer to 2 decimal places.)
Explanation / Answer
1)
let point be in form of (x,y)
A (3,3)
B (10,5)
slope = y2-y1/x2-x1
= 5-3/10-3
= 2/7 .........ans
2)
for equilibrium
Qd = Qs
10 -2P = 1+ 1P
rearranging
3P = 10 -1
P = 9/3
= $3.................ans
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