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Tonyt Tonyt
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Posts: 39
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3 weeks ago
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)
5100​
4108​
3
2124​
1132​
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: 3rd
Authors:
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amandashimkusamandashimkus
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3 weeks ago
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More solutions for this book are available here
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
This verified answer contains over 400 words.
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Tonyt Author
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3 weeks ago
Correct Slight Smile TY
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I appreciate what you did here, answered it right Smiling Face with Open Mouth
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2 hours ago
Thanks
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