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Week 02, Day 1 - Chapter 02 Appendix Overheads (revised)

# Week 02, Day 1 - Chapter 02 Appendix Overheads (revised) -...

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Chapter 2 Appendix – Graphs in Economics You will encounter two types of graphs in this course: graphs showing functional relationships and numerical graphs. A graph that shows a functional relationship implies a causal relationship between variables. The value of one variable (the independent variable) influences the value of another variable (the dependent variable). Ex: The price of a product determines the quantity demanded by buyers. Functional relationships can also be represented by words, tables (or schedules), and mathematical equations. Relationships between variables can be linear or non-linear. A linear relationship can be represented by a straight line in a graph or by the equation, y = ax + b (where y = variable measured on the vertical axis, x = variable measured on the horizontal axis, a = slope; and b = y-intercept). A non-linear relationship can be represented by curve in a graph. The slope of a straight line is equal to its rise over its

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Week 02, Day 1 - Chapter 02 Appendix Overheads (revised) -...

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