Questions: P=20-(1/3) Q Plot the relationship between P and Q on the following graph. Note: Price (P) is on the vertical axis and quantity (Q) is on the horizontal axis. The slope of this line is

P=20-(1/3) Q

Plot the relationship between P and Q on the following graph. Note: Price (P) is on the vertical axis and quantity (Q) is on the horizontal axis.

The slope of this line is

Transcript text: \[ P=20-\frac{1}{3} Q \] Plot the relationship between P and Q on the following graph. Note: Price $(\mathrm{P})$ is on the vertical axis and quantity $(\mathrm{Q})$ is on the horizontal axis. ? The slope of this line is $\qquad$

Solution

Solution Steps

Step 1: Identify the equation and variables

The given equation is $ P = 20 - \frac{1}{3}Q $, where $ P $ represents the price and $ Q $ represents the quantity.

Step 2: Determine the intercepts

Y-intercept (when $ Q = 0 $): \[ P = 20 - \frac{1}{3}(0) = 20 \] So, the y-intercept is $ (0, 20) $.
X-intercept (when $ P = 0 $): \[ 0 = 20 - \frac{1}{3}Q \implies \frac{1}{3}Q = 20 \implies Q = 60 \] So, the x-intercept is $ (60, 0) $.

Step 3: Plot the intercepts on the graph