Question

Back to Assignment Attempts: Average: 1 8. Working with Numbers and Graphs Q8 The following graph shows a market supply and market demand curve. Use the graph input tool to help you answer the questions that follow. You wil not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market 100 O Quantity 50 Units) Maximum Buying (S per unit) 80 Minimum Selling Price s per unvt) 50 50 60 50 40 30 . 10 0 10 20 30 40 50 70 80 0 100 Use the previous graph input tool to determine the maximum buying price and minimum selling price in the market at each quantity listed in the folowing table. Then deterrine the difference, in absolute value, between the maximum buying price and minimurm selling price at each quantity. Hint: The numbers you enter to indicate the differences between buying and selling prices should be positive. Quantity 40 16 Maximum Buying Price Minimum Selling Price Difference Grade It Now Save & Continue Continue without saving

Answer 1

At quantity 40, the maximum buying price is 60 and the minimum selling price is 40. The difference is 20.

At quantity 16, the maximum buying price is 84 and the minimum selling price is 16. The difference is 68.