SILVER DOLLARS SHEET 3
Application 3
Yousef likes to buy and sell coins at the flea market on weekends. He is especially interested in Susan B. Anthony silver dollars. By his own trial-and-error experiences and by information gained from other traders, Yousef has found the following data:
|
Selling Price |
Number in Supply |
Number in Demand |
|
$1.40 |
10 |
90 |
|
$2.00 |
19 |
50 |
|
$3.00 |
42 |
25 |
|
$4.20 |
94 |
20 |
- Graph the price-supply points on the graph above.
- Graph the price-demand points on the graph above.
- Use the graph to estimate the price in equilibrium.
- Sketch in a line that comes close to containing the price-supply points.
- Sketch in a line that comes close to containing the price-demand points.
- What are the coordinates of the point where these two lines intersect? How does this answer compare with your answer in question 3?
From the Mathematics Teacher, October 1991