Lumen OHM Assessment

Plot the following Price and Quantity combinations. Note that the points are given in the format (Quantity, Price).

(0, 75), (3, 60), (6, 45), (9, 30), (12, 15)

Graph to add drawings to:

Graphing window shows horizontal axis: -1 to 26, vertical axis: -5 to 110. Label "Quantity" at (26,0). Label "Price" at (0,110).

Elements to draw:

No elements have been added yet

Add new drawing element:

Hint

Using the equation of a line, what is the algebraic formula of this demand curve?

Hint

Suppose the equation of the line changes to P = -5*Q + 105. Compute the quantity demanded at each indicated price.

Price: $75, Quantity:

Price: $60, Quantity:

Price: $45, Quantity:

Price: $30, Quantity:

Price: $15, Quantity:

Hint

Let's call the original demand curve (from Question 1) D1 and the new demand curve (from Question 3) D2. The original demand curve, D1, is shown in blue on the graph below. Now plot the points for this new demand curve, D2, on the graph as well.

Graph to add drawings to:

Graphing window shows horizontal axis: -1 to 26, vertical axis: -5 to 110. Start Graph, Color blue

x	y
0	75
1	70
2	65
3	60
4	55
5	50
6	45
7	40
8	35
9	30
10	25
11	20
12	15
13	10
14	5
15	-0
16	-5
17	-10
18	-15
19	-20
20	-25
21	-30
22	-35
23	-40
24	-45
25	-50
26	-55
27	-60

Label "Quantity" at (26,0). Label "Price" at (0,110).

Elements to draw:

No elements have been added yet

Add new drawing element:

Hint

Graphing window shows horizontal axis: -1 to 26, vertical axis: -5 to 110. Start Graph, Color blue. Closed dot at (6,75). Start Graph, Color blue. Closed dot at (9,60). Start Graph, Color blue. Closed dot at (12,45). Start Graph, Color blue. Closed dot at (15,30). Start Graph, Color blue. Closed dot at (18,15). Start Graph, Color blue

x	y
0	75
1	70
2	65
3	60
4	55
5	50
6	45
7	40
8	35
9	30
10	25
11	20
12	15
13	10
14	5
15	-0
16	-5
17	-10
18	-15
19	-20
20	-25
21	-30
22	-35
23	-40
24	-45
25	-50
26	-55
27	-60

Use the formulas for the two demand curves to compute the quantity demanded shown by each curve at a price of $51.

Demand Curve D1: Price: $51, Quantity:

Demand Curve D2: Price: $51, Quantity:

Hint

Describe what has happened to demand in this problem.

Hint

x	y
0	75
1	70
2	65
3	60
4	55
5	50
6	45
7	40
8	35
9	30
10	25
11	20
12	15
13	10
14	5
15	-0
16	-5
17	-10
18	-15
19	-20
20	-25
21	-30
22	-35
23	-40
24	-45
25	-50
26	-55
27	-60

x	y
0	75
1	70
2	65
3	60
4	55
5	50
6	45
7	40
8	35
9	30
10	25
11	20
12	15
13	10
14	5
15	-0
16	-5
17	-10
18	-15
19	-20
20	-25
21	-30
22	-35
23	-40
24	-45
25	-50
26	-55
27	-60

x	y
0	75
1	70
2	65
3	60
4	55
5	50
6	45
7	40
8	35
9	30
10	25
11	20
12	15
13	10
14	5
15	-0
16	-5
17	-10
18	-15
19	-20
20	-25
21	-30
22	-35
23	-40
24	-45
25	-50
26	-55
27	-60

x	y
0	75
1	70
2	65
3	60
4	55
5	50
6	45
7	40
8	35
9	30
10	25
11	20
12	15
13	10
14	5
15	-0
16	-5
17	-10
18	-15
19	-20
20	-25
21	-30
22	-35
23	-40
24	-45
25	-50
26	-55
27	-60

x	y
0	75
1	70
2	65
3	60
4	55
5	50
6	45
7	40
8	35
9	30
10	25
11	20
12	15
13	10
14	5
15	-0
16	-5
17	-10
18	-15
19	-20
20	-25
21	-30
22	-35
23	-40
24	-45
25	-50
26	-55
27	-60

x	y
0	75
1	70
2	65
3	60
4	55
5	50
6	45
7	40
8	35
9	30
10	25
11	20
12	15
13	10
14	5
15	-0
16	-5
17	-10
18	-15
19	-20
20	-25
21	-30
22	-35
23	-40
24	-45
25	-50
26	-55
27	-60