Q1. The following table shows the quantity supplied and quantitydemanded 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 inyour own words, how would you go about showing that the quantitydemanded and supplied are linear functions of price, without havingto plot a graph.
b. By demonstrating what you have describe above, show that thequantity demanded and supplied are linear functions of price andthat price is equal to $2.85 when quantity demanded is equal toquantity supplied.
Q4. A fish processing company in Charlotteville processes threetypes of products: Type A, Type B and Type C. Its operationsinvolve three basic activities: cleaning, cutting and packaging.Type A products require 4 minutes of cleaning 2 minutes of cuttingand 2 minutes of packaging time. Type B products require 6 minutesof cleaning 4 minutes of cutting and 2 minutes of packaging time.Type C products require 8 minutes of cleaning 2 minutes of cuttingand 4 minutes of packaging time.
Given that the total time available for cleaning, cutting andpackaging is 3.5hours, 2.5 hours and 1.5 hours respectively.
a. Clearly defining your variables, show the model whichrepresents the information given in this problem. State anyrestrictions on the variables in the problem.
