ECON - Appendix: Making & Using Appendix:...

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Unformatted text preview: Appendix: Making & Using Appendix: Making & Using Graphs Graphs Why bother? Graphs & Data Graphs & Models Slope Why bother? Why bother? visual relationship between to variables analyze & understand-- information-- ideas A picture is worth a thousand words corny, but true a graph conveys info more clearly & quickly than words Graphs & Data Graphs & Data scatter diagram-- graph x value that corresponds to y value-- relationship between x and y-- do they move in same direction?-- opposite direction?-- varied directions? example: consumption & income example: consumption & income each point = 1 year as income rises, so does consumption time-series graph-- measures the behavior of a variable over time-- x axis = time-- y axis = variable-- Is variable high or low? rising or falling? stable or volatile? example: price of coffee example: price of coffee price is volatile no long-term trend of rising or falling price ranged between $1-$5 per lb....
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ECON - Appendix: Making & Using Appendix:...

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