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math worksheet - Economics 224 Math Review Worksheet...

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Economics 224 Math Review Worksheet Problem 1 Downward sloping line Suppose that the relationship between p and q is given by the following equation: q = 260 ° 20 p a. Find the value for p if q is each of the following: 1. q = 0 2. q = 10 3. q = 260 b. Find the value for q if p is each of the following: 1. p = 0 2. p = 5 3. p = 12 c. Graph the relationship between p and q with q on the horizontal axis and p on the vertical axis. Label the slope, vertical intercept and horizontal intercept in your picture. d. Solve for p in terms of q: If you were to graph this (again with p on the ver- tical axis and q on the horizontal axis) will your picture be any di/erent? 1
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Problem 2 Upward sloping line Suppose that the relationship between p and q is given by the following: q = ° 40 + 10 p a. Find the value for p if q is each of the following: 1. q = 0 2. q = 10 3. q = 100 b. Find the value for q if p is each of the following: 1. p = 0 2. p = 5 3. p = 12 c. Graph the relationship with q on the horizontal axis and p on the vertical axis.
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