{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

A i y 100 2 x ii y 10 x b i y 100 x ii y 10 05 x c i

Info icon This preview shows pages 2–3. Sign up to view the full content.

View Full Document Right Arrow Icon
(a) (i) y = 100 – 2 x, (ii) y = 10 + x (b) (i) y = 100 – x, (ii) y = 10 + 0.5 x (c) (i) y = 100 – x, (ii) y = 10 + 2 x (d) (i) y = 100 + 2 x, (ii) y = 10 + x 3. Solve the following pairs of equations, and compare your results for (a) with (b), (c), and (d): (a) (i) y = 20 + x, (ii) y = 10 + 2 x (b) (i) y = 20 + 0.5 x, (ii) y = 10 + x (c) (i) y = 20 + (1/3) x, (ii) y = 10 + (2/3) x (d) (i) y = 30 + x, (ii) y = 10 + 2 x 4. Find the general solution for x and y , given the following equations: (i) y = a 1 + b 1 x, (ii) y = a 2 + b 2 x .
Image of page 2

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
MATH MODULE 3: SOLVING LINEAR EQUATION SYSTEMS M3-3 5. The following pairs of equations refer to 3 different markets. In each market, Price ( P , measured in dollars per unit) is on the vertical axis and Quantity ( Q , measured in units) is on the horizontal axis. In each case, give the equilibrium values for P and Q. (a) (i) Demand: P = 40 – 0.005 Q D ; (ii) Supply: P = 12 + 0.002 Q S (b) (i) Demand: P = 40 – 0.05 Q D , (ii) Supply: P = 20 (c) (i) Demand: Q D = 40 – 2 P, (ii) Supply: Q S = –30 + P 6 . The supply curve for the Ergonomic Bagel (EB) industry is given by the equation P S = 20 + 0.1 Q S , where P S is in $/case and Q S is in cases. (a) The government is trying to decide on the best sales tax to impose on EBs: a unit tax ( T ) of $25/case, which would make the tax-ridden supply curve facing buy- ers equal to P S + T, or an ad valorem (or percentage-of-value-based) tax at rate t = 25%, which would make the tax-ridden supply curve facing buyers equal to P S (1+ t ). At what level of Q S is the level of the tax the same under both systems, and what is the price facing buyers at this point? (b) If the supply curve is as it was initially, the ad valorem tax rate is 25%, and the ad valorem and unit taxes would be equal when Q S = 150 cases, then how much is the unit tax? 7. Both “Sweet-Tooth” Sal and Sourdough Slim have the same budget per period, which they both spend entirely on containers of Jam (on the vertical, y , axis) and loaves of Bread (on the horizontal, x , axis): the equation for the budget line of each is y = 120 – (2/3) x.
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern