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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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View Full Document 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
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This note was uploaded on 06/07/2011 for the course ECON 224 taught by Professor Ozturk during the Spring '09 term at South Carolina.
 Spring '09
 OZTURK
 Economics

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