It is given in the question that
Suppose the supply function for product x is given by
And we have to find how much of product x is produced when px = $600 and pz = $60.
And for that, we have to substitute 600 for px and 60 for pz, and on doing so, we will get
And that's the required answer .
Answer:
You have to multiply the denorminator to both sides in order to make x the subject :
Answer:
y = 0.2x + 250
Step-by-step explanation:
let the sales be x and y be earnings
thus,
given
x₁ = $3,500 ; y₁ = $950
and,
x₂ = $2,800 ; y₂ = $810
Now,
the standard line equation is given as:
y = mx + c
here,
m is the slope
c is the constant
also,
m =
or
m =
or
m = 0.2
substituting the value of 'm' in the equation, we get
y = 0.2x + c
now,
substituting the x₁ = $3,500 and y₁ = $950 in the above equation, we get
$950 = 0.2 × $3,500 + c
or
$950 = $700 + c
or
c = $250
hence,
The equation comes out as:
y = 0.2x + 250