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GRAPHS AND THEIR MEANING APPENDIX 1A - 1Copyright McGraw-Hill/Irwin, 2002

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INCOME (per week) $ 0 100 200 300 400 $ 50 100 150 200 250 CONSUMPTION (per week) Table of Values Construction of a Graph 1A - 2 BACK TERMS Copyright McGraw-Hill/Irwin, 2002

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INCOME (per week) $ 0 100 200 300 400 $ 50 100 150 200 250 CONSUMPTION (per week) Table of Values Construction of a Graph 1A - 3 BACK TERMS CONSUMPTION (C) $400 300 200 100 Vertical Axis Copyright McGraw-Hill/Irwin, 2002

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INCOME (per week) $ 0 100 200 300 400 $ 50 100 150 200 250 CONSUMPTION (per week) Table of Values Construction of a Graph 1A - 4 BACK TERMS CONSUMPTION (C) 0 100 200 300 400 INCOME (Y) $400 300 200 100 Vertical Axis Horizontal Axis Copyright McGraw-Hill/Irwin, 2002

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INCOME (per week) $ 0 100 200 300 400 $ 50 100 150 200 250 CONSUMPTION (per week) Exists Between Consumption & Income CONSUMPTION (C) 0 100 200 300 400 INCOME (Y) $400 300 200 100 a b c d e a b c d e C=50+.5Y A Direct Relationship... 1A - 5 BACK TERMS Copyright McGraw-Hill/Irwin, 2002

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TICKET PRICE $ 50 40 30 20 10 0 4 8 12 16 20 ATTENDANCE (thousands) An Inverse Relationship... Exists Between Ticket Prices & Attendance TICKET PRICE (P) 0 4 8 12 16 20 ATTENDANCE IN THOUSANDS (Q) $50 40 30 20 10 a b c d e a b c f e P=50-2.5Q f d 1A - 6 BACK TERMS Copyright McGraw-Hill/Irwin, 2002

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Can you locate the Dependent and Independent Variables? Variable Dependency 1A - 7 BACK TERMS Copyright McGraw-Hill/Irwin, 2002

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Slope of the Line is... Vertical Change Horizontal Change 50 100 =.5 1A - 8 BACK TERMS INCOME (per week) $ 0 100 200 300 400 $ 50 100 150 200 250 CONSUMPTION (per week) CONSUMPTION (C) 0 100 200 300 400 INCOME (Y) $400 300 200 100 Positive Slope Copyright McGraw-Hill/Irwin, 2002

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Slope of the Line is... Vertical Change Horizontal Change -10 +4 = -2.5 1A - 9 BACK TERMS Negative Slope TICKET PRICE $ 50 40 30 20 10 0 4 8 12 16 20 ATTENDANCE (thousands) TICKET PRICE (P) 0 4 8 12 16 20 ATTENDANCE IN THOUSANDS (Q) $50 40 30 20 10 Copyright McGraw-Hill/Irwin, 2002

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MEASUREMENT UNITS MARGINAL ANALYSIS INFINITE & ZERO SLOPES Slope of a Line 1A - 10 BACK TERMS Price of Bananas Purchases of Watches Consumption Divorce Rate Slope = Infinite Slope = Zero Copyright McGraw-Hill/Irwin, 2002

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In Equation Form C = 50 +.5Y P = 50 - 2.5 Q Slope of a Line 1A - 11 BACK TERMS y = a + bX Copyright McGraw-Hill/Irwin, 2002

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Slope of a Curved Line is... The Slope of a Straight Line Drawn Just Tangent to the Curve B b b QP 20 15 10 5 0 5 10 15 20 A a a 1A - 12 BACK TERMS Copyright McGraw-Hill/Irwin, 2002

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Vertical & Horizontal Axes? 1A - 13 BACK TERMS Can You Identify... Copyright McGraw-Hill/Irwin, 2002

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Vertical Intercept? 1A - 14 BACK TERMS Can You Identify... Copyright McGraw-Hill/Irwin, 2002

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Slope of the Line? 1A - 15 BACK TERMS Can You Identify... Copyright McGraw-Hill/Irwin, 2002

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Tangent? 1A - 16 BACK TERMS Can You Identify... Copyright McGraw-Hill/Irwin, 2002

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Direct & Inverse Relationships? 1A - 17 BACK TERMS Can You Identify... Copyright McGraw-Hill/Irwin, 2002

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1A - 18 BACK TERMS Copyright McGraw-Hill/Irwin, 2002

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horizontal axis vertical axis direct relationship inverse relationship independent variable dependent variable slope of a straight line vertical intercept END SHOW Copyright McGraw-Hill/Irwin, 2002

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THE ECONOMIZING PROBLEM CHAPTER 2 COMING SOON Copyright McGraw-Hill/Irwin, 2002

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