The coordinate point (85, 5) on a graph where the x-axis represents quantity and the y-axis represents price provides specific information about a particular situation in a business or economic context.
Let’s break it down:
- X-axis (Quantity): The first number in the coordinate, which is 85, refers to the quantity of goods or services being represented on the graph. In this case, it indicates a quantity of 85 units.
- Y-axis (Price): The second number, 5, represents the price at which each of those 85 units is being sold. Therefore, each unit is priced at $5.
Putting this all together, the point (85, 5) means that at a quantity of 85 units, the price of each unit is $5. This information is crucial for understanding market dynamics, such as demand and supply. For instance, it can help a business analyze how changes in price may affect the quantity sold or how much revenue can be expected from sales at that price point.
Overall, this point serves as a valuable data point for making informed decisions in pricing strategies and inventory management.