Microeconomics: Principles & Policy
14th Edition
ISBN: 9781337794992
Author: William J. Baumol, Alan S. Blinder, John L. Solow
Publisher: Cengage Learning
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Question
Chapter 1.A, Problem 1TY
To determine
To draw:
A 2 variable diagram and measure the slope of line along with the meaning of the numbers.
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Students have asked these similar questions
Y
Score on Economics Final Exam
100
75
50
25
A
0
5
10
Hours of Study
How would you describe the relationship shown in the graph?
A Linear Direct Relationship
B
A Linear Inverse Relationship
A Linear Independant Relationship
C
A Nonlinear Infinite Relationship
D
15
20
X
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
Plot the following dataset and elaborate your concept regarding the graph:
Quantity
AC
MC
0
110
-
100
80
40
200
55
20
300
45
45
400
55
80
500
80
120
600
110
160
Chapter 1 Solutions
Microeconomics: Principles & Policy
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