ECON 1011 Study Guide - Fall 2018, Comprehensive Midterm Notes - Demand Curve, Graph Of A Function, Economic Equilibrium
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ECON 1011 Full Course Notes
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Slope: the relationship between the variables on the horizontal and vertical axis (eg. price and quantity) Giving up fun to increase your gpa: no relationship, as the variable on the horizontal axis (independent variable) changes, the variable on the vertical axis (dependent variable) doesn"t change or changes with no specific __________, slope = 0. Rewrite as p = -1q + 12. represents the y-intercept (vertical axis intercept), or the value of p when q = 0. The slope is -1, therefore the line is negative. Rewrite as c = 2q + 6. represents the y-intercept (vertical axis intercept), or the value of p when q = 0. The x-intercept is the value of q when p = 0. The slope is +2, therefore the line is positive. Economists tend to focus on the 1st quadrant (where x and y are both positive) because you cannot produce a negative amount of products.
