Principles of Microeconomics (7th Edition) (Case/Fair Economics 7e Series)

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Economics 2302 Principles of Microeconomics Professor McFarlin University of Texas at Dallas Problem Set 1 [Note: Problem sets in this class will not be collected or graded.] Economics is a quantitative social science. If you take a moment and scan your text, you will find equations, graphs, and several tables. The purpose of this assignment is to help you review some of these mathematical concepts. 1. Graph the following equation of a straight line: y = 15 – 3x. Be sure to label where it crosses the x and y axes. What is the slope of the line?
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Unformatted text preview: 2. Solve the following two equation system for the two unknowns x and y: x + y = 100 and y – x = 20. Graph your answer, and be sure to label any points of intersection with lines or axes. 3. You are given two economic relationships between price (P) and quantity (Q): the first is P = 100 – Q. The second is P = 1800/Q + 10. What values of P and Q simultaneously satisfy these equaltions? Graph your answer, and be sure to label any interesting points. (Hint: you may wish to use the quadratic formula.)...
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