Table 1 data for household consumption and income Consumption per week (US $) (Y) 55, 60, 65, 70, 75 65, 70, 74, 80, 85, 88, 79, 84, 90, 94, 98 80, 93, 95, 103, 108, 113, 115 102, 107, 110, 116, 118, 125 110, 115, 120, 130, 135, 140 120, 136, 140, 144, 145 135, 137, 140. 152, 157, 160, 162 137, 145, 155, 165, 175, 189 Income per week (US $) (X) 80 100 120 140 160 180 200 220 240 260 150, 152. 175, 178, 180, 185, 191 1. Regarding the data in table 1, suppose for each Xi, we take a Yi randomly, and get the sample data in the table 2. Table 2 sample data Y 70 65 90 95 110 115 120 140 155 150 X 80 100 120 140 160 180 200 220 240 260 a. Drawn a picture with income being X-axis, and consumption being Y- axis with sample data in the table 2. b. Drawn the SRF and PRF in the same picture (with data in both table 1 and 2). c. Are SRF and PRF different? Why?

Table 1 data for household consumption and income Consumption per week (US $) (Y) 55, 60, 65, 70, 75 65, 70, 74, 80, 85, 88, 79, 84, 90, 94, 98 80, 93, 95, 103, 108, 113, 115 102, 107, 110, 116, 118, 125 110, 115, 120, 130, 135, 140 120, 136, 140, 144, 145 135, 137, 140. 152, 157, 160, 162 137, 145, 155, 165, 175, 189 Income per week (US $) (X) 80 100 120 140 160 180 200 220 240 260 150, 152. 175, 178, 180, 185, 191 1. Regarding the data in table 1, suppose for each Xi, we take a Yi randomly, and get the sample data in the table 2. Table 2 sample data Y 70 65 90 95 110 115 120 140 155 150 X 80 100 120 140 160 180 200 220 240 260 a. Drawn a picture with income being X-axis, and consumption being Y- axis with sample data in the table 2. b. Drawn the SRF and PRF in the same picture (with data in both table 1 and 2). c. Are SRF and PRF different? Why?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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