Can someone please help
1 answer:
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Given:
The graph of a scatter plot.
To find:
The function that best fits the given points.
Solution:
From the given graph it is clear that the linear function is the best fit for the given points because the points lie on a straight line or near to it.
So, options B and C are incorrect because they represent exponential and quadratic function respectively.
Let as assume the two points on the graph are (0.80,-12.82) and (2,-12.79).
Using this two points, the equation of line is:
It is the approximate function to the function that is in option A.
Therefore, the correct option is A.
Answer:
d. both the slope and price elasticity of demand are equal to 0.
Step-by-step explanation:
In order to graph the demand curve, the quantity demanded is plotted along x-axis and the price is plotted along y-axis. An image attached below shows the horizontal demand curve.
Horizontal demand curve, as its name indicates, is a horizontal line which is parallel to x-axis. Since, the slope of any line parallel to x-axis is 0, we can conclude that the slope of Horizontal demand curve is 0.
A horizontal demand curve can be observed for a perfectly competitive market. Since, its a perfect competition, the price of a product by all competitors will be the same. In this case, if a firm decides to increase the price, he will loose his market share as no customer will buy the product at increased price. They will rather go with the other competitor who is offering a similar product at lower price.
On the other hand, if a competitor decides to lower his price in such case, he will experience loss. Therefore, the competitors do not have the option to change the price. Therefore, we can say the price elasticity of demand in this case is 0.
So, option D describes the horizontal demand curve correctly.
