The demand for gasoline can be modeled as a linear
Chapter , Problem 1.4.54(choose chapter or problem)
The demand for gasoline can be modeled as a linear function of price. If the price of gasoline is = $3.10 per gallon, the quantity demanded in a fixed period is = 65 gallons. If the price rises to $3.50 per gallon, the quantity demanded falls to 45 gallons in that period. (a) Find a formula for in terms of . (b) Explain the economic significance of the slope of your formula. (c) Explain the economic significance of the -axis and -axis intercepts.
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