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

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Presentation on theme: "GRAPHS AND THEIR MEANING APPENDIX 1A - 1Copyright McGraw-Hill/Irwin, 2002."— Presentation transcript:

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

3 INCOME (per week) $ $ CONSUMPTION (per week) Table of Values Construction of a Graph 1A - 2 BACK TERMS Copyright McGraw-Hill/Irwin, 2002

4 INCOME (per week) $ $ CONSUMPTION (per week) Table of Values Construction of a Graph 1A - 3 BACK TERMS CONSUMPTION (C) $ Vertical Axis Copyright McGraw-Hill/Irwin, 2002

5 INCOME (per week) $ $ CONSUMPTION (per week) Table of Values Construction of a Graph 1A - 4 BACK TERMS CONSUMPTION (C) INCOME (Y) $ Vertical Axis Horizontal Axis Copyright McGraw-Hill/Irwin, 2002

6 INCOME (per week) $ $ CONSUMPTION (per week) Exists Between Consumption & Income CONSUMPTION (C) INCOME (Y) $ 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

7 TICKET PRICE $ ATTENDANCE (thousands) An Inverse Relationship... Exists Between Ticket Prices & Attendance TICKET PRICE (P) ATTENDANCE IN THOUSANDS (Q) $ 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

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

9 Slope of the Line is... Vertical Change Horizontal Change =.5 1A - 8 BACK TERMS INCOME (per week) $ $ CONSUMPTION (per week) CONSUMPTION (C) INCOME (Y) $ Positive Slope Copyright McGraw-Hill/Irwin, 2002

10 Slope of the Line is... Vertical Change Horizontal Change = A - 9 BACK TERMS Negative Slope TICKET PRICE $ ATTENDANCE (thousands) TICKET PRICE (P) ATTENDANCE IN THOUSANDS (Q) $ Copyright McGraw-Hill/Irwin, 2002

11 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

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

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

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

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

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

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

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

19 1A - 18 BACK TERMS Copyright McGraw-Hill/Irwin, 2002

20 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

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


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