The following ordered pairs of price and quantity demanded describe Joe’s demand for cups of coffee.?
Price per cup of coffee Quantity demanded of coffee
$5 2 cups
4 4 cups
3 6 cups
2 8 cups
1 10 cups
A. Plot and connect the ordered pairs on a graph. Required to draw the graph.
b. What is the slope of Joe’s demand curve for coffee in the price range of $5, and $4?
c. What is the slope of Joe’s demand curve for coffee price range of $2, $5?
d. Are the slope of coffee and Joe’s quantity demand of coffee positively correlated or negatively correlated? How can you tell?
More Questions From This User See All
Answers & Comments
Verified answer
d. -vely correlated - just by viewing the trend....one rising, another falling( rather slopes are all -ve all along)
a. take P on Yaxis and Q on Xaxis and plot.
b. [5-4]/[2-4] = -1/2
c. [5-2]/[2-8] =-1/2