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Chapter 1

Microecon 1021A - Chapter 1 (Appendix)

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Department
Economics
Course
Economics 1021A/B
Professor
Ronald Wintrobe
Semester
Fall

Description
Chapter 1 Appendix Graphics in Economics Graphing Data • Making a graph: o The horizontal line is the x-axis. o The vertical line is the y-axis. o The intersection of the x-axis and the y-axis is the origin. • A scatter diagramplots the value of one variable against the value of another variable. Graphs Used in Economic Models • Variables that move in the same direction o A relationship between two variables that move in the same direction is called a positive relationshipor a direct relationship. o A relationship shown by a straight line is called a linear re.ationship • Variables that move in opposite directions o A relationship between variables that move in opposite directions is called a negative relationshipor an inverse relationship. • Variables that have a maximum or a minimum o A relationship that has a maximum slopes upward as it rises to its maximum point, is flat at its maximum, and then slopes downward. o A relationship that has a minimum slopes downward as it falls to its minimum point, is flat at its minimum, and then slopes upward. • Variables that are unrelated o Variables that are unrelated are shown on a graph as either a horizontal line or a vertical line. The Slope of a Relationship • The slopeof a relationship is the change in the value of the variable measured on the -axis divided by the change in the value of the variable measured on the x-axis. • We use the Greek letter Δ (delta) to represent “change in”. • So the slope of the relationship is Δy/ Δx. • The slope of a straight line is the same regardless of where on a s
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