1. In the economic analysis of supply and/or demand the variables of interest are not X and Y but instead Price (P) and Quantity (Q). By convention P is always the vertical axis and Q is the horizontal axis.
Below are algebraic representations of supply or demand functions. Graph each separately and beside your graph, list the Y-intercept and slope of each (and whether is a supply or demand equation).
a. P= 500 – 100
b. 70Q + 7P = 3500
c. Q= 50 – 0.1P