Homeworkwk1

Homeworkwk1 - Graph and explain the relationships you would...

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Homework # 1 pp 19-20 # 1, 5, and p 25 # 1. 1. Opportunity cost is economic action unavoidable by choice of another activity. Opportunity cost is the best choice available of goods and service, in relation to economics with the production, distribution, and consumption of goods and services available. The best opportunity cost for a block square for parking would be New York City. For one parking in NY is scarce. The city is so packed when you can find parking you should grab it. Finding parking in more suburban areas would be a little easier. 1-5. a. macroeconomics b. macroeconomics c. microeconomics d. macroeconomics e. microeconomics f. microeconomics 1A-1 Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph?
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Unformatted text preview: Graph and explain the relationships you would expect to find between (a) the number of inches of rainfall per month and the sale of umbrellas, (b) the amount of tuition and the level of enrollment at a university, and (c) the popularity of an entertainer and the price of her concert tickets. An inverse relationship is a mathematical relationship or a relationship between numbers. It graphs on a downward slope. A direct relationship is between two variables. On a graph a direct relationship has straight lines. In each case cite and explain how variables other than those specifically mentioned might upset the expected relationship. Is your graph in part b, above, consistent with the fact that, historically, enrollments and tuition have both increased? If not, explain any difference....
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This note was uploaded on 10/23/2010 for the course ECO ECO 101 taught by Professor Professor during the Fall '10 term at Peirce.

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Homeworkwk1 - Graph and explain the relationships you would...

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