The relation between the weight of a diamond and its cost is linear. In looking at two diamonds, we find that one of the diamonds weighs 0.7 carat and costs $3672, while the other diamond weighs 0.8 carat and costs $4568. Linear function that relates the price of a diamond (P) to its weight (x) is P(X) = 8960x - 2600. Interpret slope in context.Group of answer choicesFor every additional carat in weight of a diamond, the price goes down $8960.For every additional carat in weight of a diamond, the price goes down by $2600.For every additional carat in weight of a diamond, the price goes up by $2600.For every additional carat in weight of a diamond, the price goes up $8960.

Question 8If a 15 percent decrease in the price of sapphires causes a 20 percent decrease in the quantity of diamonds demanded, then the cross-price elasticity of demand between sapphires and diamonds is:1 point 0.75 4.001.33 0.60

Suppose you are the owner of a dairy company that produces milk powder. There is a fixed cost 6.4 thousand dollars every month and variable cost 9.41 thousand dollars per ton of milk powder. Write down the monthly total cost function (dollars in thousands) in the quantity of production Q (in tonnes). What is the slope of this linear function? Question 2 Answer a. none of the others b. -0.68 c. 6.4 d. 8.10 e. 9.41

The value of a diamond varies directly with the square of its weight. A diamond is cut into three pieces whose weights are in the ratio 3 : 4 : 5. Consequently, by what percentage does the value of the diamond diminish?

Jesse takes two data points from the weight and feed cost data set to calculate a slope, or average rate of change. A rat weighs 3.5 pounds and costs $4.50 per week to feed, while a Beagle weighs 30 pounds and costs $9.20 per week to feed.Using weight as the explanatory variable, what is the slope of the line between these two points? Answer choices are rounded to the nearest hundredth.$1.60 / lb.$0.31 / lb.$0.18 / lb.$5.64 / lb.

A large share of the world's supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is $1000 per diamond, and the demand for diamonds is described by the following schedule: Price($): 8000, 7000, 6000, 5000, 4000, 3000, 2000 Quantity: 5000, 6000, 7000, 8000, 9000, 10000, 11000 a) If there were many suppliers of diamonds, what would be the price and quantity? b) If there was only one supplier of diamonds, what would be the price and quantity? c) If Russia and South Africa formed a cartel, what would be the price and quantity? If the countries split the market evenly, what would be South Africa's production and profit? What would happen to South Africa's profit if it increased its production by 1000 while Russia stuck to the cartel agreement? d) Use your answer to part (c) to explain why cartel agreements are often not successful.