MAE101 – Individual Assignment

Individual AssignmentQ=  9  0:5PQ=    0:5 + 1:4Pwhere Q, Qand P are the quantity demanded (in kilograms), the quantity supplied (in kilograms) and the market price (in dollars), respectively.Based on the data, the economist plots the observations on a graph below with quantity and price on the horizontal and vertical axis respectively. He claims this graph approximates the demand curve (the solid straight line) for potatoes in Geelong for 2015. Do you agree with the economist’s claim? Explain your answer in details.Make sure that you are using correct referencing.Read through your work prior to submission, checking your spelling and grammar. All content is to be electronically generated.No more than 2000 words in total excluding the tables, diagrams, and references.

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