Question

Assume you are given the following equation (Y = 50+4X). The Y value represents Price while...

Assume you are given the following equation (Y = 50+4X). The Y value represents Price while X value represents Quantity demanded for candy.

In the space below, neatly calculate the values of X when Y are 15, 10, 5, and 0.

Math   Algebra   
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Homework Answers

Answer #1

The relation between Y and X is

From above, X in terms of Y is

The table of values of X for various values of Y are

Y X
15

10

5

0

----

Plot the following points (-12.5,0), (-11.25,5),(-10,10) and (-8.75,15) and join them to get the graph as shown below

The slope of the line is

The slope of the plot implies change in price of the candy per unit change in quantity. So at a particular level of price and quantity if the quantity demanded changes by 1 unit then the price of the candy changes by 4 units

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