Solve the Problem. -Jamil Always Throws Loose Change into a Pencil Holder on Pencil

question 86

Multiple Choice

Solve the problem.
-Jamil always throws loose change into a pencil holder on his desk and takes it out every two weeks. This time it is all nickels and dimes. There are 9 times as many dimes as nickels, and the value of the dimes is $3.40 more than the value of the nickels. How many nickels and dimes does Jamil have?

• A) 3 nickels and 27 dimes
• B) 5 nickels and 45 dimes
• C) 4 nickels and 36 dimes
• D) 36 nickels and 4 dimes

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Definitions:

Determinants of Market Supply

Factors that influence the quantity of a good or service that producers are willing and able to sell at a given price, such as production costs, technology, and number of sellers.

Law of Demand

The economic principle that, all else being equal, there is an inverse relationship between the price of a good and the quantity demanded.

Other-Things-Equal Assumption

The assumption that factors other than those being considered are held constant. Also known as the ceteris paribus assumption.

Supply

The total amount of a specific good or service that is available to consumers at current prices.