Q1. The following table shows the quantity supplied and quantity demanded of a commodity at certain...

Q1. The following table shows the quantity supplied and quantity demanded of a commodity at certain unit prices.

Unit Price
$1.50
1150
340

Quantity Demanded
$2.75
712.5
652.5

Quantity Supplied
$3.25
537.5
777.5

a. From the information given in the table above, describe in your own words, how would you go about showing that the quantity demanded and supplied are linear functions of price, without having to plot a graph.

b. By demonstrating what you have describe above, show that the quantity demanded and supplied are linear functions of price and that price is equal to $2.85 when quantity demanded is equal to quantity supplied.

Q4. A fish processing company in Charlotteville processes three types of products: Type A, Type B and Type C. Its operations involve three basic activities: cleaning, cutting and packaging. Type A products require 4 minutes of cleaning 2 minutes of cutting and 2 minutes of packaging time. Type B products require 6 minutes of cleaning 4 minutes of cutting and 2 minutes of packaging time. Type C products require 8 minutes of cleaning 2 minutes of cutting and 4 minutes of packaging time.

Given that the total time available for cleaning, cutting and packaging is 3.5hours, 2.5 hours and 1.5 hours respectively.

a. Clearly defining your variables, show the model which represents the information given in this problem. State any restrictions on the variables in the problem.

Solutions

Expert Solution

Colby Messinger answered 1 year ago

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