Final answer:
A system of linear inequalities is used in fields like economics to represent constraints on objectives such as maximizing profit or minimizing costs. Changes in a line's intercept can graphically depict shifts in economic models, and linear equations like 'Qd = 16-2P' are used to analyze supply and demand relationships.
Step-by-step explanation:
A system of linear inequalities is used to represent restrictions, or constraints, on a function that must be maximized or minimized. These systems are often found in fields such as economics, where they assist in solving models with algebra. For example, an economist may create models using linear equations to predict outcomes like unemployment rates given economic growth.
Graphically, changes in the intercept of a line mean the line shifts either out and up or in and down while remaining parallel to the original line. This visual representation helps understand how certain factors can affect the model's predictions.
In the context of supply and demand, equations such as Qd = 16-2P for demand show the relationship between the quantity of goods consumers are willing to purchase (Qd) and the price of those goods (P). Working with such equations allows for the determination of equilibrium points and various economic analyses.