Ch1App___Models___Tools__Handouts_

Ch1App___Models___Tools__Handouts_ - Getting Started...

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Getting Started CHAPTER 1 app odels & Tools Models & Tools
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Economic Models ± An Economic Model is an abstraction from reality that allows us to examine a question of interest. Ex-We’re studying how individuals allocate the 24 hours of each day to Work, Leisure, and Sleep. ork = 12hrs Work = 12hrs Leisure = 4hrs Sleep = 8hrs
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Graphs Y-intercept X-intercept 5 y 20 25 (0,15) 10 15 (30,0) 5 0 0 0 0 10 20 30 x
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Graphs Y-intercept = X-intercept = 5 y 20 25 (0,15) 10 15 (30,0) 5 0 0 0 0 10 20 30 x
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Graphs ± Slope of a straight line: Ratio of vertical change to the corresponding horizontal change as we move from left to right along the line.
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Ch1App___Models___Tools__Handouts_ - Getting Started...

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