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Chapter 1: Q 6 (page 26)

Given the function y=8-2x, complete the following schedule and plot the curve.

y
x

-4

-2

0

2

4

Short Answer

Expert verified

The completed schedule is,

y
x
16-4
12-2
80
42
04

The curve for the schedule is,

Step by step solution

01

Step 1. Given Information.

The incompleted schedule was given as follows for the function y=8-2x,

y
x

-4

-2

0

2

4
02

Step 2. Completed Schedule.

The function is y=8-2xand the completed schedule is as follows,

y
x
y=8-2(-4)
=16		-4
y=8-2(-2)
=12		-2
y=8-2(0)
=8		0
y=8-2(2)
=4		2
y=8-2(4)
=0		4
03

Step 3. The curve.

The curve for the function y=8-2xis,

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Most popular questions from this chapter

For each of the following approaches that an economist might follow in examining a decision-making process, identify whether the approach relies on the rationality assumption or on the assumption of bounded rationality:

(a) To make predictions about how many apps a person will download onto her tablet device, an economist presumes that the individual faces limitations that make it impossible for her to examine every possible choice among relevant apps.

(b) In evaluating the price that an individual will be willing to pay for a given quantity of a particular type of healthcare service, a researcher assumes that the person considers all relevant health care options in pursuit of his own long-term satisfaction with resulting health outcomes.

(c) To determine the amount of time that a person will decide to devote to watching online videos each week, an economist makes the assumption that the individual will feel overwhelmed by the sheer volume of videos available online and will respond by using a rule of thumb.

Why might the rationality assumption explain why even a chicken farmer who has absolutely no humanitarian concern for chickens might seek to maintain very comfortable conditions for the birds?

Suppose that the government has raised by $10 a per-carat tax rate it imposes on diamonds in an effort to influence the production of these particular goods by each of the firms that produce them and purchases by individual consumers. Would we apply microeconomic or macroeconomic analysis to analyze this policy action?

Sebastian is a financial analyst who is convinced that his clients do not always make choices that are consistent with their long-term objectives. He has also determined that his clients do not consider every relevant choice and often fail to act in their own self-interest. Does Sebastian perceive that his clients' behavior accords with the rationality assumption or the assumption of bounded rationality?

Under the rationality assumption, could a woman potentially take into account her family's welfare as well as her own when considering having another child? Explain your reasoning.
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