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The table lists the price of eggs and the number of eggs purchased per week.Price of Eggs, in ...
Tonyt
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The table lists the price of eggs and the number of eggs purchased per week.Price of Eggs, in ...
The table lists the price of eggs and the number of eggs purchased per week.
Price of Eggs, in $
(Y)
Number of Eggs Purchased Per Week (X)
5
100
4
108
3
2
124
1
132
Assuming the relationship between the price of eggs and the number of eggs purchased is linear, how many eggs are purchased when the price of eggs is $3?
▸ 140.375
▸ 164
▸ 116
▸ 139.625
Textbook
Macroeconomics
Edition:
3
^{rd}
Authors:
Acemoglu, Laibson, List
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amandashimkus
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More solutions for this book are
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116
To determine how many eggs are purchased when the price of eggs is $3, you need to determine the equation of the relationship between Y (the price of eggs) and X (the number of eggs purchased per week): Y = a + bX, where b is the slope.
First, determine the slope = change in Y divided by the change in X
The change in Y can be calculated as price at point 2 (4) minus price at point 1 (5) = -1
The change in X can be calculated as quantity at point 2 (108) minus quantity at point 1
Therefore, the slope equals -1/8 so the equation is: Y = a - (1/8)X
Then, fill in values for X and Y using the table to find a. For example, when Y=5, X=100
5 = a - (1/8)(100) = a - (100/8)
5 + (100/8) = a
a = 17.5
So the final equation is Y = 17.5 - (1/8)X
Finally, to find how many eggs are purchased when price is $3, find X when Y = 3
3 = 17.5 - (1/8)X
3 - 17.5 = -(1/8)X
-8(3 - 17.5) = X
X = 116
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Tonyt
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3 weeks ago
Correct
TY
mmmm_dat_userna
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I appreciate what you did here, answered it right
Morgan-C
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Thanks
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