Ch1App___Models___Tools__Handouts_

Ch1App___Models___Tools__Handouts_ - Getting Started Models...

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Unformatted text preview: Getting Started Models & Tools Tools CHAPTER 1 app 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 th 24 hours of each day to Work, Leisure, and Sleep. Work 12hrs Work = 12hrs Leisure = 4hrs Sleep = 8hrs 8h Graphs Y-intercept X-intercept y 25 20 15 10 5 0 (0,15) (30,0) 10 20 30 x Graphs Y-intercept = X-intercept = y 25 25 20 15 10 5 0 (0,15) (30,0) 10 20 30 x 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. 25 (0,15) 20 15 10 5 0 10 (30,0) 20 30 Graphs Graphs Which has larger slope, Line A or Line B? A B 5 5 10 Graphs Which has larger slope, Line C or Line D? 5 C 10 D 15 Graphs 10 5 5 10 50 Graphs 8 4 2 2 Equations y " mx ! b Equations 1 Graph the equation y " 10 # x 2 y x Economic Models & Tools You are responsible for: 1 Understanding the purpose of an economic model. 2 Defining and calculating the slope of a line. 3 All other material in Ch1 Appendix ...
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This note was uploaded on 09/29/2009 for the course ECON 101 taught by Professor Balaban during the Spring '07 term at UNC.

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Ch1App___Models___Tools__Handouts_ - Getting Started Models...

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