Class Handout 1-
1. Suppose that you know that the points (10, 100) and (20, 200) sit on a straight line with the y-axis measuring the price of sewing machines and the x-axis measuring the number of sewing machines supplied daily by the sewing machine producers in the small country of Iberia. Write an equation expressing the relationship between the price of sewing machines (P) and the quantity supplied of sewing machines (Q). Write the equation in y-intercept form.
2. Suppose that the demand for umbrellas can be expressed as P = 20 - (1/1000)Q where P is the price per umbrella and Q is the quantity of umbrellas demanded. Suppose that incomes increase in the market for umbrellas and umbrellas are normal goods. You are told that at every price the quantity of umbrellas demanded has changed by 1,000 units. Write the new demand curve for umbrellas given this information.
3. You are told that the point (x, y) = (20, 40) sits on a straight line that has slope of -2. Find the y-intercept and the x-intercept of this straight line.
4. You are told that the point (x, y) = (50, 10) sits on a straight line that has a slope of 5. Find the equation for this line. Write this equation in slope intercept form.
5. Suppose that you are given an initial equation, 2X = 100 + 4Y. What is the slope of this line? What is the y-intercept of this line? What is the x-intercept of this line?
6. Given the equation in problem 5, suppose you are told that the x value has increased by 10 units at every y value. Write the equation in slope intercept form of this new line.
7. Simplify the following expressions. Do not use a calculator!
a. Y2Y3Y4 =
b. (1/2)/(3/4) =
c. 2500/125 =
d. .02(150) =
e. 200/.04 =
f. (Y2)3 =