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Portray the following hypothetical data on a two-variable diagram: Academic Year Total Enrollment Enrollment in Economics Courses 2012–2013 3,000 300 2013–2014 3,100 325 2014–2015 3,200 350 2015–2016 3,300 375 2016-2017 3,400 400 Measure the slope of the resulting line, and explain what this number means.

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 1.A, Problem 1TY
Textbook Problem
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Portray the following hypothetical data on a two-variable diagram:

Academic Year Total Enrollment Enrollment in Economics Courses
2012–2013 3,000 300
2013–2014 3,100 325
2014–2015 3,200 350
2015–2016 3,300 375
2016-2017 3,400 400

Measure the slope of the resulting line, and explain what this number means.

To determine

To draw:

A 2 variable diagram and measure the slope of line along with the meaning of the numbers.

Explanation of Solution

Slope: The slope represents the steepness of line or it is the ratio of the change in values on Y-axis and x-axis.

  

The slope of the line is same as the horizontal change divided by vertical change.

   Slope = ΔTotal EnrollmentΔYear = 3100300020092010=1001=100

The slope 100 shows that the 100 students were enrolled each year

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