Ch01A-8e_micro

Ch01A-8e_micro - APPENDIX 1 Graphs in Economics After...

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Graphs in Economics APPENDIX 1
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After studying this chapter you will be able to Make and interpret a time-series graph, a cross-section graph, and a scatter diagram Distinguish between linear and nonlinear relationships and between relationships that have a maximum and a minimum Define and calculate the slope of a line Graph relationships between more than two variables
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Graphing Data A graph reveals a relationship. A graph represents “quantity” as a distance. A two-variable graph uses two perpendicular scale lines. The vertical line is the y -axis. The horizontal line is the x - axis. The zero point in common to both axes is the origin .
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Graphing Data Economists use three types of graph to reveal relationships between variables. They are Time-series graphs Cross-section graphs Scatter diagrams
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Graphing Data Time-Series Graphs A time-series graph measures time (for example, months or years) along the x -axis and the variable or variables in which we are interested along the y -axis. The time-series graph on the next slide shows the price of gasoline between 1973 and 2006. The graph shows the level of the price, how it has changed over time, when change was rapid or slow, and whether there was any trend.
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Graphing Data
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Graphing Data Cross-Section Graphs A cross-section graph shows the values of a variable
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Ch01A-8e_micro - APPENDIX 1 Graphs in Economics After...

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