SOLUTION: Suppose that the daily demand q (in hundreds of cups) for mocha coffees at Fourbucks follows the equation q = 1000p-.5, where p = price in dollars. If we graphed Ln p on the x axis
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-> SOLUTION: Suppose that the daily demand q (in hundreds of cups) for mocha coffees at Fourbucks follows the equation q = 1000p-.5, where p = price in dollars. If we graphed Ln p on the x axis
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Question 1045936: Suppose that the daily demand q (in hundreds of cups) for mocha coffees at Fourbucks follows the equation q = 1000p-.5, where p = price in dollars. If we graphed Ln p on the x axis and Ln q on the y axis, what type of graph would we obtain? Hint: Take logarithms of both sides of the demand curve. Answer by robertb(5830) (Show Source):
You can put this solution on YOUR website! You would obtain a straight line falling from left to right.
To see this, as per your hint,
===>
===> lnq = -0.5lnp + 3ln10.
(Your independent variable is lnp and your dependent variable is lnq. The line would have slope -0.5 and lnq-intercept 3ln10.)
