MACROECONOMICS (LL)
MACROECONOMICS (LL)
21st Edition
ISBN: 9781260186949
Author: McConnell
Publisher: MCG
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Chapter 1.A, Problem 2ADQ
To determine

The relationship between the two variables and a reason for the contradictory situation.

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Describe the graphical relationship between ticket prices and the number of people choosing to visit amusement parks. Is that relationship consistent with the fact that, historically, park attendance and ticket prices have both risen? Explain.
Indicate whether each of the following relationships is usually a direct relationship or an inverse relationship. a. A sports team’s winning percentage and attendance at its home games. b. Higher temperatures and sweater sales. c. A person’s income and how often he or she shops at discount stores. d. Higher gasoline prices and miles driven in automobiles.
Ypsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the car that they purchased. The variable shown on the vertical axis is __________ (options: thousands of dollars per car, thousands of dollars per year, income, thousands of dollars, price, number of goods).   The units for the variable on the horizontal axis are _________ (options: thousands of dollars per car, thousands of dollars per year, income, thousands of dollars, price, number of goods).   There are two ways to view the information presented on the graph. First, the graph tells us the amount a person with a certain income is likely to spend on a car, and second, it tells us the probable income of a person who spent a certain amount on a car. For example, if an individual earned $50,000 last year and purchased a new car, you would expect that person to…
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