PS 1 Sol - Economics 101 Spring 2008 Problem Set 1...

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Problem Set 1 Suggested Solutions QUESTION 1 a) Graph the line given by the equation y =10-2x, with y on the vertical axis. See graph below. b) What is the slope of this line? What would be the slope if you put x on the vertical axis? The slope is -2. If x is on the vertical axis, the slope is -0.5 c) Are x and y positively or negatively related? Negatively d) On the same graph, show the line given by the equation y =12 - 3x. See graph below. e) What is the slope of this line? Is this line steeper or flatter than the first? The slope is -3. The line is steeper than the first one. f) Solve algebraically for the value of x where these two lines cross. 10-2x=12-3x x=2 Replacing in any of the 2 equations above: y=10-2*2=12-3*2=6 => The lines cross at (2,6) g) Write the equation for the line with the same slope as the one in part d, but having a y-intercept that is 3 units higher. Graph this line along with the others. y =15 - 3x
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PS 1 Sol - Economics 101 Spring 2008 Problem Set 1...

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