Topic01b - The economics toolkit Topic 1(b) Working with...

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1 Topic 1(b) Working with graphs The economics toolkit z Tables (schedules) – summarising data z Graphs – plotting data z Functions – summarising data with algebra z Words – defining relations between variables Every field of study has its own terminology Mathematics axioms integrals vector spaces Psychology ego id cognitive dissonance Law torts venues promissory estoppel Every field of study has its own terminology Economics supply demand elasticity consumer surplus comparative advantage opportunity cost deadweight loss
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2 The basics of graph construction z origin z the horizontal axis z the vertical axis z a functional relationship z positive relationship z negative relationship z dependent variable z independent variable b y 20 15 10 5 0 Vertical axis Origin 5 10 15 20 x Horizontal axis a The basics of a graph Schedule relating distance travelled to hours driven 250 5 e 200 4 d 150 3 c 100 2 b 50 1 a Distance travelled per day (km) Hours driven per day 1 2 3 4 5 Hours driven per day 250 200 150 100 50 0 a b
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Topic01b - The economics toolkit Topic 1(b) Working with...

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