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Find a mathematical model representing the statement.(Determine the constant of proportionality. )
P varies directly as x and inversely as the square of y.(P = when x = 25 and y = 10. )
Excess Demand
A situation where the quantity demanded of a good exceeds the quantity supplied at a particular price, leading to a shortage.
Supply Function
A mathematical function that illustrates the quantity of a good that producers are willing and able to sell at different price levels.
Demand Function
A mathematical expression showing the relationship between the quantity demanded of a good and its price, along with other determinants of demand like income.
Quantity Tax
A tax levied on the quantity of goods sold, not on the value of sales.
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