Give example of a linear function and then sketch its graph

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Reference no: EM131481764

Question: Sketch the graphs of the linear functions 1 to 8 below, identifying the relevant intercepts on the axes. Assume that variables represented by letters that suggest they are economic variables (i.e. all variables except x and y) are restricted to non-negative values.

1. y = 6 + 0.5x

2. y = 12x - 40

3. P = 60 - 0.2Q

4. Q = 750 - 5P

5. 1,200 = 50K + 30L

(Note that this budget constraint for a firm is an accounting identity rather than a function although a given value of K will still determine a unique value of L, and vice versa.)

6. TR = 8Q

7. TC = 200 + 5Q

8. TFC = 75

9. Make up your own example of a linear function and then sketch its graph.

10. Which of the following functions do you think realistically represents the supply schedule of a competitive industry? Why?

(a) P = 0.6Q + 2

(b) P = 0.5Q - 10

(d) Q = -24 + 0.2P

Assume P ≥ 0, Q ≥ 0 in all cases.

Reference no: EM131481764

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