Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1.A, Problem 1ADQ
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
Chapter 1 Solutions
Macroeconomics
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Briefly explain the use of graphs as a way to...Ch. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2RQCh. 1.A - Prob. 2ARQ
Ch. 1.A - Prob. 1APCh. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7PCh. 1.A - Prob. 7APCh. 1.A - Prob. 8PCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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