Graph the line with slope 3/4 passing through the point (1,4) .
1 answer:
To graph the line, we must first find out the equation for the line in slope-intercept form (y = mx + b). So far, we only have the slope, so the line's equation is y = 3/4x + b. But, by inserting the values of x and y in the point we know, we can find the y - intercept.
4 = 3/4 + b
b = 13/4
That means that the equation of our line is y = 3/4x + 13/4. Now we can graph. But, there is another way to go about (slightly faster too). Since we know the coordinates of 1 point, we can put that line down. Then, since we know that slope is rise over run, we can say, that with a slope of 3/4, one would go 3 points up for every 4 to the right. Now we can go 3 points up and 4 points to the right of point (1,4). That would be (5, 7). Now we can graph (since we have 2 points, or an equation).
The graph looks like this:
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Answer:
The monopolist's net profit function would be:
Step-by-step explanation:
Recall that perfect price discrimination means that the monopolist would be able to get the maximum price that consumers are willing to pay for his products.
Therefore, if the demand curve is given by the function:
P stands for the price the consumers are willing to pay for the commodity and "y" stands for the quantity of units demanded at that price.
Then, the total income function (I) for the monopolist would be the product of the price the customers are willing to pay (that is function P) times the number of units that are sold at that price (y):
Therefore, the net profit (N) for the monopolist would be the difference between the Income and Cost functions (Income minus Cost):