Answer to Question #307973 in Microeconomics for Hes

Question

11. Following are three sample equations. Plot them on a graph in which Q is on the vertical

axis and P is on the horizontal axis. Then transform these equations so P is expressed in

terms of Q and plot these transformed equations on a graph in which P is on the vertical

axis and Q is on the horizontal axis.

a. Q = 250 - 10P

b. Q = 1,300 - 140P

c. Q = 45 - 0.5P

Answer 1

Plot them on a graph in which Q is on the vertical axis and P is on the horizontal axis.

When P =1, 2, 3, 4, and 5; Q is:

The graph is:

Then transform these equations so P is expressed in terms of Q and plot these transformed equations on a graph in which P is on the vertical axis and Q is on the horizontal axis.

a)

Q = 250 - 10P

P = $\frac{250 - Q}{10}$

$P = 25 - 0.1Q$

b)

Q = 1,300 - 140P

P  = $\frac{1300 - Q}{140}$

$P = 9.2857 - 0.0071Q$

      

c)

Q = 45 - 0.5P

P = $\frac{45 - Q}{0.5}$

$P = 90 - 2Q$

Plot graph

When Q =1, 2, 3, 4, and 5, P is:

The graph is: