MATH 111 | Assignment Help | University of Washington
- University of Washington / Math 111
- 27 Mar 2021
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MATH 111 | Assignment Help | University of Washington
Activity 5
Question 1.
Suppose a
consumer's consumption y, the amount of money spent in a
specified time period, is related to their disposable income x earned
in that time period by the linear function shown below. In functional notation, y=f(x),
where f is a linear function of x.
Use the graph to approximate the consumption for a consumer with
disposable income of 25.5 thousand dollars ($25500). Give your answer
in thousands of dollars.
ANSWER:
_________ thousand dollars
Question 2
Using the graph in Question 1, estimate the disposable income of a
consumer whose consumption is 21.5 thousand dollars. Give your answer
in thousands of dollars.
ANSWER: _________ thousand
dollars
Do not include
units in the answer box. Just a number.
Question 3
Using the graph in Question 1, find two "nice" points on the
graph of the line and use them to find the slope.
ANSWER: m=_________
Do not include
units in the answer box. Just a number. Express your answer as a
decimal.
Question 4
Use one of the "nice" points and the slope you found in the
previous question to find b, the y-intercept of the
line.
ANSWER: b=________
Do not include
units in the answer box. Just a number. Express your answer as a decimal.
You should now have
a linear formula for the line in the form y=mx+b, where m is
the slope and b is the y-intercept of the line.
Question 5
Use the linear formula you found for the line to compute the value of
consumption for a consumer with 23.5 thousand dollars in disposable
income. Give your answer in thousands of dollars. You
shouldn't need to round.
ANSWER: __________ thousand
dollars
Do not include
units in the answer box. Just a number.
Question 6
Use the linear formula you found for the line to find the amount of
disposable income required to create $29,000 in consumption. Give your
answer in dollars. You shouldn't need to round.
ANSWER: _________ dollars
Do not include
units in the answer box. Just a number.
Question
7
Questions 7-10 refer to this scenario:
The graphs below are of supply and demand for Fribnees. The
vertical axis shows price per Fribnee p in dollars --- the
potential price at which each Fribnee is sold. The horizontal axis shows
quantity in Fribnees. The supply curve relates the price p per
Fribnee to the quantity q that manufacturers are willing to
produce for that price. The demand curve relates the price p per
Fribnee to the quantity q that consumers are willing to
purchase at that price.
ANSWER: q=_______
Fribnees
Do not include
units in the answer box. Just a number.
Question 9
What quantity is demanded by consumers if Fribnees are sold at a price
of $105 per Fribnee? (The graph and the equation you found in Question 7
should give the same answer. Check that they do.)
ANSWER: q=_______
Fribnees
Do not include
units in the answer box. Just a number.
Question 10
At a given price, if quantity supplied exceeds quantity demanded, then
there is a surplus of Fribnees. At a given price, if
quantity demanded exceeds quantity supplied, then there is a shortage of
Fribnees.
At each of the following prices,
determine whether there is a surplus or shortage and determine the size of the
surplus or shortage.
Remember that you
have both a graph and equations to work with if you need them.
Correct!
Fribnees are sold at p=30 dollars each
Fribnees are sold at p=80 dollars each