homework1spring2020.docx - Economics 101 Spring 2020 Homework#1 Due Thursday Directions The homework will be collected in boxes marked with your TA name

homework1spring2020.docx - Economics 101 Spring 2020...

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Economics 101 Spring 2020 Homework #1 Due Thursday, 2/6/20 Directions: The homework will be collected in boxes marked with your TA name before the lecture. Please place your name , TA name and section number on top of the homework (legibly). Make sure you write your name as it appears on your ID so that you can receive the correct grade. Late homework will not be accepted so make plans ahead of time. Please show your work. Good luck! Please realize that you are essentially creating “your brand” when you submit this homework. Do you want your homework to convey that you are competent, careful, professional? Or, do you want to convey the image that you are careless, sloppy, and less than professional. For the rest of your life you will be creating your brand: please think about what you are saying about yourself when you do any work for someone else! 1. a. Suppose you know that the two points (X, Y) = (12, 6) and (15, 2) sit on the same line. From this information write an equation for this line in slope-intercept form. b. Suppose that you know that the slope of the line is 8 and that this line also contains the point (15, 25). What is the y-intercept for this line? Show your work. c. You are given the following two equations: Y = 2X + 100 Y = 76 – 10X Find the solution (X, Y) for where these two equations intersect. Show your work. d. Suppose that you know that the relationship between X and Y, where X is the variable measured on the horizontal axis, can be described by the following equation: X = 30 – 2Y for all values of X ≥ 0 You are then told that for every Y value the X value has now increased by 5 units. Write the equation in slope-intercept form for this new line. Show your work. Hint: you might find it helpful to draw a "sketch" illustrating these two lines before you start doing your calculations. e. Suppose that you know that the relationship between X and Y, where X is the variable measured on the horizontal axis, can be described by the following equation: Y = 5 + 2X for all values of X ≥ 0 You are then told that for every X value the Y value has now decreased by 20 units. Write the equation in slope-intercept form for this new line. Show your work. Hint: you might find it helpful to draw a "sketch" illustrating these two lines before you start doing your calculations. 2. More math review: a. Consider Sarah, a student in your Economics 101 class. Sarah wants to make sure she understands how her grade will be calculated in the class. She knows that there is something called a weighted final grade and it is the number associated with this weighted final grade that will determine Sarah’s relative position in the class. She estimates that she will need a weighted final grade of 82 to earn an AB in the class (this is her best guess since she does not know how well the rest of the class will perform in the class). In your answer round to the nearest whole number for that final exam grade: but, do not round until you get to the end of your calculations!
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