Jack Hardware sold 6 pounds of screws yesterday at a price of $4 per pound. This
ID: 1149951 • Letter: J
Question
Jack Hardware sold 6 pounds of screws yesterday at a price of $4 per pound. This point is represented by the black X on the diagram below, which plots the price of screws (measured in dollars per pound) and the quantity sold (measured in pounds) PRICE OF SCREWS (Dollars per pound) 10 New Price/Quantity 0 12 3 4 5 67 89 10 QUANTITY OF SCREWS Pounds) HelpClear All Each small square in the grid for this graph has one side equal to 1 pound of screws and one side equal to 1 dollar per pound. The area of one small square is therefore1 dollar per pound There are 24small squares in the purple shaded rectangle On this graph, the area of the purple rectangle corresponds to: O The price of the screws, measured in dollars per pound O Jack Hardware's revenue from selling screws, measured in dollars O The number of screws that Jack Hardware sold, measured in pounds None of these-the area has no meaning Now suppose Jack Hardware raises its price to $7 per pound of screws. As a result, it sells only 4 pounds of screws. Use the blue rectangle to draw the area that corresponds to the new price and quantity. Did raising the price of screws increase Jack Hardware's revenue? O No O YesExplanation / Answer
1. The Area of the square is = a *a, where a is the side.
Here, Area = (1 dollar/ pound) * (1 pound) = 1 dollar.
2. No. Of squares in purple shaded rectangle = 6 * 4 = 24.
3. The Area Shaded in the purple shows or signifies the total revenue jack hardware has generated by selling screws, measured in dollars. Therefore 2nd option is correct.
4. Now, Jack Hardware raises its price to 7 dollar per pound and sells only 4 pounds of screws, now we calculate revenue in this case.
New Revenue = 7*4 = 28 dollars.
Earlier it was only 24, thus the revenue is increased with increase in price of screws.
5. Dear student, you have incorrectly marked the blue rectangle, on the x axis, do select value only upto 4, since only 4 pounds of screws are sold, similarly on the y axis select value upto 7, since the screws were sold at new price of 7 dollar/ pound.
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