ECO182C - Review of Graphs

ECO182C - Review of Graphs - Review of Concepts 1...

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1 Review of Concepts 1. Introduction to Graphs 2. Linear Equations 3. Solving Linear Equations 4. Percentage Changes 1. Introduction to Graphs What do the two axis measure? Graphs are visual relationship between variables Easy way to represent complicated relationships Value of X is measured on ‘horizontal’ axis and Y is measured on ‘vertical’ axis At the center is the point where both x and y are 0 called origin X(+ve) Y(-ve) X(-ve) Y(+ve) (0,0) What is the direction of change along the axis? Value of X is positive and increasing as we move to the right from the origin Value of X is negative and decreasing as we move to the left from the origin Value of Y is positive and increasing as we move up from the origin Value of Y is negative and decreasing as we move down from the origin X(+ve) X(-ve) Y(+ve) Y(-ve) X increasing Y increasing Y decreasing X decreasing (0,0) How do we plot a point on the graph? To plot a point X=5 and Y=7 denoted as (5,7) We move right of the origin where X = 0 by 5 units Then we move up from the point where Y = 0 by 7 units We then find where a vertical line from the point where X = 5 and a horizontal line from the point where Y = 7 intersect and this is our point (0,0) 7 5 5,7 Use of Graphs in Economics Most of the relationships studied in economics only consider positive values of the variables of interest Hence, economists usually show the upper right portion of the coordinate system
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2 Suppose the horizontal axis measures Quantity (Q) and vertical axis measures price (P). A positive linear relationship between P and Q is
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