The Following Equation Describes the Relationship Between the Price of Scanners

question 40

Essay

The following equation describes the relationship between the price of scanners (P) and the quantity that buyers will purchase each week (Q):
Q = 300 - 2P.
The following equation describes the relationship between the price of scanners (P) and the quantity that sellers will sell each week (Q):
Q = 3P.
On a graph (with Q on the horizontal axis and P on the vertical axis), plot the two equations using the following values for P: $30, $40, $50, $60, and $70. At what price do the two curves intersect? What is the quantity of scanners at this point?

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Definitions:

Situational Attribution

Attributing an individual's behavior to external circumstances rather than to internal characteristics.

Unstable

Lacking consistency or predictability; prone to rapid or unexpected change.

Uncontrollable

Refers to anything beyond one's power or authority to command, regulate, or restrain.

Fundamental Attribution Error

The fundamental attribution error is a cognitive bias where people disproportionately attribute others' actions to their personality or disposition rather than situational factors.