C) Linear Functions and Economics 1) Examine the Engel Curve of Angelo for Rice with the parameters: E=25-2I. Graph this curve. How does Angelo view rice based from his Engel Curve (use economic interpretations)?
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- In economics, what does the term ceteris paribus mean when analyzing the relationship between two variables? A. All other things being equal or held constant B. The direct relationship between two variables C. The inverse relationship between two variables D. The absence of any relationship between two variablesThe relationships between some economic variables w, y, and z and another economic variable, x, are shown in the graph above. Notice that the horizontal axis is labeled “x” since they are all functions of x but the vertical axis is not labeled. 1-1 Does the vertical axis need a label in order for you to be able to understand the graph?1-2What value of x minimizes w?. what is a Function? Discuss the following concepts of functions with the help of an economic example : 1) Decreasing Function 2) Implicit Function 3) Multi-valued Function 4) Exponential function 5) Logarithmic Function
- The following graph contains four lines (A, B, C and D), each of which has a slope that is either positive, negative, zero, or infinite. For each of the following scenarios, indicate whether the relationship between the two variables is positive or negative, as well as which line on the previous graph has a slope that reflects this type of relationship. Hint: The X-axis and Y-axis on the graph are not labeled intentionally. You need to substitute the variables from each scenario for the horizontal and vertical axis. For example, in the first scenario, X-axis should be labeled “ The average grade received" and Y-axis should be labeled "The number of hours spent studying". Scenario: As the number of hours spent studying rises, the average grade received rises. Relationship: Positive or Negative Line: A, B, C, or D? Scenario: As the number of hours spent watching TV rises, the average grade received falls. Relationship: Positive or Negative Line: A, B, C, or D? Scenario: As the…Draw a circular flow diagram. Determine the parts of the model that correspond to theflow of goods and services and the flow of dollars for each of the following activities.i. Ms. Goh earns RM3, 000 rental income from her 10 percent ownership of landproperty.The following table shows the quantity D of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year at a price P, in dollars per bushel. D = quantity of wheat P = price 1.0 $2.05 1.5 $1.75 2.0 $1.45 2.5 $1.15 In economics, it is customary to plot D on the horizontal axis and P on the vertical axis, so we will think of D as a variable and of P as a function of D. (a) Show that these data can be modeled by a linear function. For each increase of 0.50 in D there is of in P. Find its formula. (Use P for price and D for quantity.)P = −.6d+265 (b) Add the graph of the linear formula you found in part (a), which is called the market demand curve, to the following graph based on the following table for market supply curve. S = quantity of wheat P = price 1.0 $1.35 1.5 $2.40 2.0 $3.45 2.5 $4.50
- Please explain two principal variables that have determined the commodification by giving examples.Explain which of the following is the independent variable and which is the dependent variable for each of the following examples. Once you determine the price of a flash drive at the college bookstore, you will decide how many flash drives to buy. You will decide how many credit hours to register for this semester once the university tells you how many work-study hours you will be assigned. You anticipate earning a higher grade on your economics exam because you studied more hours in the weeks preceding the exam.For each of the following scenarios, indicate whether the relationship between the two variables is positive or negative, as well as which line on the previous graph has a slope that reflects this type of relationship. Hint: The X-axis and Y-axis on the graph are not labeled intentionally. You need to substitute the variables from each scenario for the horizontal and vertical axis. For example, in the first scenario, X-axis should be labeled “Income" and Y-axis should be labeled "Education". Relationship options: Positive, Negative Line: A, B, C, D True or False: Line A has a slope of zero.
- Explain the relation of each and every box with the next box in separate elaborative points.Given the function f(x) = ln (x+1), x>0 In applying mathematical methods to economics/business problems, we use a broad menu of functions for the purpose of accurately specifying the properties of the economic variables in question. Find an example that you can use the above function to describe certain economic or business activity.Come up with two variables that, in your view, are related, indicate the name of these variables as well as why these variables are related; determine which variable is the dependent variable and which one is the independent variable. Draw a line graph by hand, labeling the vertical and horizontal axis consistent with your choice of variables. The line in the line graph has to represent, what, in your view, is the relationship between the two variables. Describe your graph verbally in your post (no need to upload the graph itself). Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.