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Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022 Exercise 24
Suppose that the quantity of flounder caught each week off New Jersey is given by Q=100 + 5P (where Q is the quantity of flounder measured in thousands of pounds and P is the price per pound in dollars). Explain:
a) What are the units of the intercept and the slope in this equation?
b) How would this equation change if flounder catch were measured in pounds and price measured in cents per pound?
a) What are the units of the intercept and the slope in this equation?
b) How would this equation change if flounder catch were measured in pounds and price measured in cents per pound?
Explanation
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a) The equation of flounder caught each ...
Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
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