EBK MICROECONOMICS: A CONTEMPORARY INTR
10th Edition
ISBN: 9781285687155
Author: MCEACHERN
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Sketch a graph to illustrate your idea of each of the following relationships. Be sure to label both axes appropriately. In each case, explain under what circumstances, if any, the curve could shift:
The relationship between a person’s age and height
Average monthly temperature over the course of a year
A person’s income and the number of hamburgers consumed per month
The amount of fertilizer added to an acre of land and the amount of corn grown on that land in one growing season
An automobile's horsepower and it's gasoline mileage (in miles per gallon)
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 variables
Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph? Graph and explain the relationships (other things equal) you would expect to find between (a) the number of inches of rainfall per month and the sale of umbrellas, (b) the price of bottled water and the number of bottles sold per year, and (c) the popularity of an entertainer and the price of her concert tickets. In each case cite and explain how variables other than those specifically mentioned might upset the expected relationship. Is your graph in part b, above, consistent with the fact that, historically, the quantity and price of bottled water have both increased? If not, explain any difference.
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- Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph? Graph and explain the relationships you would expect to find between ( a ) the number of inches of rainfall per month and the sale of umbrellas, ( b) the amount of tuition and the level of enrollment at a university, and (c ) the popularity of an entertainer and the price of her concert tickets. In each case cite and explain how variables other than those specififi cally mentioned might upset the expected relationship. Is your graph in previous part b consistent with the fact that, historically, enrollments and tuition have both increased? If not, explain any difference.arrow_forwardgraph and label as either direct or indirect the relationships you would expect to find between a) the number of inches of rainfall per month and the sale of umbrellas, b) the amount of tuition and the level of enrolment at a university, c) the popularity of an entertainer and the price of her concert tickets.arrow_forwardBriefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph?arrow_forward
- 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.arrow_forwardHow would you interpret (1) an upward sloping curve and (2) a downward slope curve in a two variable diagram?arrow_forwardOn a graph, a positive linear relationship moves down from left to right. This statement is right or wrong? WHY?arrow_forward
- Which of the following pairs is most likely to exhibit an inverse relationship?a. The amount of time you study and your grade point averageb. People’s annual income and their expenditure on personal computersc. Baseball players’ salaries and their batting averagesd. The price of a concert and the number of tickets that people purchasearrow_forwardThe table contains data on the relationship between saving and income. Rearrange these data into a meaningful order and graph them on the accompanying grid. What is the slope of the line? The vertical intercept? Write the equation that represents this line. What would you predict saving to be at the $12,500 level of income?arrow_forwardhow do i find the slope of C?arrow_forward
- Suppose the following equation describes the relationship between the average number of classes missed during a semester (missed) and the distance from school (distance, measured in miles): missed = 3 +0.2 distance (i) Sketch this line, being sure to label the axes. How do you interpret the intercept in this equation? (ii) What is the average number of classes missed for someone who lives five miles away? (iii) What is the difference in the average number of classes missed for someone who lives 10 miles away and someone who lives 20 miles away?arrow_forwardThe 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?arrow_forwardRefer to Figure 26-1. What is measured along the vertical axis of the graph? a. The tax rate b. The interest rate c. The quantity of investment d. The quantity of savingarrow_forward
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