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Unformatted text preview: 4. Graph these equations (placing Q on the vertical axis and P on the horizontal axis): x Q = 4 2P x Q = 2 + 2P These two equations have different slopes and different Qintercepts. Do the lines intersect? If so, can you find the value of P and Q at which they intersect? 5. Solve these two equations for P. Then graph the new equations by placing P on the vertical axis and Q on the horizontal axis: x Q = 4 2P x Q = 2 + 2P Do the lines intersect? If so, can you find the value of P and Q at which they intersect? X Y (1st) Y (2nd) X Y (1st) Y (2nd) P Q (1st) Q (2nd) P Q (1st) Q (2nd) Q P (1st) P (2nd) If demand curves slope down and supply curves slope up, then which of these two equations resembles a demand curve? Which resembles a supply curve? Page 11...
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This note was uploaded on 12/29/2011 for the course ECO 311 taught by Professor Willis during the Fall '10 term at SUNY Stony Brook.
 Fall '10
 willis

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