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  3. supply: logp= -15.00+1.50 logq demand: logp=5020-0

Supply: logP= -15.00+1.50 logQ Demand: logP=5020-0.75 logQ 1. Create a table as shown. The first column contains...

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Question

Advance Math

Supply: logP= -15.00+1.50 logQ

Demand: logP=5020-0.75 logQ

1. Create a table as shown. The first column contains values ofQ from 500 to 10,000, in intervals of 500

2. Plot the supply and demand on the diagram. Label right X andY axes

QLog QSupply (log P)Demand (log P)Supply (P)Demand (P)
500
1,000
…
9,500
10,000

New supply: logP=-15.00+1.50 logQ+0.90

1. Create 2 new columns of‘New supply (log P)’ and 'newsupply (P) for the new supply

2. Add the new supply curve to the existing diagram. Label thenew supply curve

Answer & Explanation Solved by verified expert
4.3 Ratings (845 Votes)
QLogQSupply log PDemand log PNew supply log PNew supply    See Answer
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