Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder

تمرين 24

Suppose that the quantity of flounder caught each week off New Jersey is given by Q=100 + 5P (where Q is the quantity of flounder measured in thousands of pounds and P is the price per pound in dollars). Explain:
a) What are the units of the intercept and the slope in this equation?
b) How would this equation change if flounder catch were measured in pounds and price measured in cents per pound?