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::Yes, just remove the dollar sign. There is always a mismatch in units in graphing Price (in dollars) as a function of Quantity (a non-dollar variable)--[[User:Aschlafly|Aschlafly]] 10:37, 17 February 2007 (EST).
::Yes, just remove the dollar sign. There is always a mismatch in units in graphing Price (in dollars) as a function of Quantity (a non-dollar variable)--[[User:Aschlafly|Aschlafly]] 10:37, 17 February 2007 (EST).
I am a bit confused with problem four in [[Economics Lecture Two|assignment two]]. The question reads:
:"Suppose 1000 persons in a town each have the following weekly demands for gas, and the gas stations have the following weekly supplies:
:Gallons Demand Price/gallon Supply Price/gallon
:10 $2.50 $.50
:20 $2 $.75
:30 $1 $1
:40 $.75 $1.50
:(A) What is the price and overall quantity of gas sold each week?
:(B) Suppose Congress declares war and imposes a price control of $.75 per gallon. At what price and overall quantity will gas sell each week?"
I don't understand what is meant by the first sentence. Do a thousand people need ten gallons, a thousand need 20 gallons and so on, or are there only a thousand people, roughly a quarter of which will need each quantity? ~ [[User:SharonS|SharonS]] 13:15, 19 February 2007 (EST)
== Prior discussion ==
== Prior discussion ==