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Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph?

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter1: What Is Economics

Section1.A: Using Graphs: A Review

Problem 3TY

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Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph?

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Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph? Graph and explain the relationships you would expect to find between ( a ) the number of inches of rainfall per month and the sale of umbrellas, ( b) the amount of tuition and the level of enrollment at a university, and (c ) the popularity of an entertainer and the price of her concert tickets. In each case cite and explain how variables other than those specififi cally mentioned might upset the expected relationship. Is your graph in previous part b consistent with the fact that, historically, enrollments and tuition have both increased? If not, explain any difference.
Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph? Graph and explain the relationships (other things equal) you would expect to find between (a) the number of inches of rainfall per month and the sale of umbrellas, (b) the price of bottled water and the number of bottles sold per year, and (c) the popularity of an entertainer and the price of her concert tickets. In each case cite and explain how variables other than those specifically mentioned might upset the expected relationship. Is your graph in part b, above, consistent with the fact that, historically, the quantity and price of bottled water have both increased? If not, explain any difference.
CH SESSION 1.2: SELF-ASSESSMENT EXERCISE 1. Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is direct relationship? How does it graph? 2. Graph each of the following sets of numbers in table 2 below. Draw a line through the points and calculate the slope of each line. 2X4 1 2 3 1 Y 5 10 20 X 0 5 20 2 Y 0 5 10 20 X 1 2 3 3 Y 25 20 15 X 0.1 0.3 Y 100 75 50 25 Table 2 3. For each of the graphs in table 2 above, determine whether the curve has a positive or a negative slope. Give an intuitive explanation for what is happening with the slope of each curve. ICON 1000 Principles of Economics I- UNIT 1 11
How can I answer these questions by using the graph?
Could I get some help seeing the equation for L and an explanation on how to graph please?
please do the graphs and the questions thank youuuuu
can you help answer these questions based on the graph
Need help with this, please show me where to plot the two points on the graph as well. Thanks!
Can you help me to draw a graph for question 5 please? Thanks
On a graph, a positive linear relationship moves down from left to right. This statement is right or wrong? WHY?
Can you explain this for me? What is the correct answer and why? If you can show it in a graph that would also be great. Thank you!
Can you do an explanation for this graph please soon as possible.