TAILIEUCHUNG - Lecture Essentials of economics (3/e): Chapter 1W - Brue, McConnell, Flynn

Chapter 1W - Web appendix: Graphs and their meaning. In this appendix, we will cover the fundamentals of graphing, including how to create a graph and the relationships between variables. We will discuss how direct and inverse relationships look graphically, and by the end of the appendix, you should be able to look at a graph and immediately identify whether it demonstrates a direct or inverse relationship. | Web Appendix Chapter 1W Web Appendix: Graphs and Their Meaning Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin In this appendix, we will cover the fundamentals of graphing, including how to create a graph and the relationships between variables. We will discuss how direct and inverse relationships look graphically, and by the end of the appendix, you should be able to look at a graph and immediately identify whether it demonstrates a direct or inverse relationship. The equation of a line will be discussed, along with how to find the slope of linear and nonlinear graphs. Construction of a Graph LO7 Table Graph Income Consumption Point $ 0 100 200 300 400 $ 50 100 150 200 250 a b c d e Consumption (C) Income (Y) $100 200 300 400 a b c d e $400 300 200 100 0 App 1- Each pair of values in the table represents one point on the graph. Direct and Inverse Relationships LO7 Direct relationship Both variables move up or down together Consumption (C) Income (Y) App 1- When looking at the graph, a direct relationship has an upward, sloping line. This means that when looking at the graph from left to right, the line moves up, or away from the horizontal axis. You should be able to look at a graph and immediately recognize if it is a direct relationship. Direct and Inverse Relationships Inverse relationship Variables move opposite of each other LO7 Ticket Price (P) Attendance in Thousands (Q) App 1- An inverse relationship graphs as a downward, sloping line. This means that when looking at the graph from left to right, the line moves down or gets closer to the horizontal axis. Dependent and Independent Variables Independent variable—the variable causing a change in some other (dependent) variable Also called the causal variable Dependent variable—the variable that changes as a result of a change in some other (independent) variable Also called the outcome variable LO7 App 1- It is important to determine .

• Kinh tế học
• Essentials of economics
• Lecture Essentials of economics
• International economics
• Product markets
• Inverse relationships
• Independent variables
• Economic perspective
• Marginal analysis
• Market system
• Circular flow
• Market equilibrium
• Law of demand
• Exchange rates
• Preset prices
• Price elasticity of demand
• Elasticity of demand
• Market failures
• Public goods
• Business population
• Corporation advantages
• Pure competition
• Market models
• Pure monopoly
• Monopoly demand
• Monopolistic competition
• Game theory overview
• Economic growth
• Gross domestic product
• Business cycles
• Economic cost of unemployment
• Aggregate demand
• Aggregate supply
• Fiscal policy
• Evaluating fiscal policy
• Financial institutions
• Federal Reserve
• Interest rates
• Monetary policy
• International trade
• Wage determination
• Labor demand
• Income inequality
• Poverty trends
• Opportunity cost
• Rational action
• Factors of production
• Optimal Mix
• Investment goods
• Government services
• Product market
• Locating markets
• Individual demand
• Market supply
• Consumer demand
• Sociopsychiatric explanation
• Total utility
• Marginal utility
• Supply decisions
• Marginal physical product
• Total profit