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microbook_3e-page12 - On which axis(the vertical or...

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6. The Law of Demand says that consumers purchase more of a good when its price is lower and they purchase less of a good when its price is higher. Can you give that statement a mathematical interpretation? ( Hint: Does price depend on quantity purchased? or does quantity purchased depend on price?) Is price an independent variable or a dependent variable? Is quantity purchased an independent variable or a dependent variable? What is the difference between a dependent variable and an independent variable?
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Unformatted text preview: On which axis (the vertical or horizontal) do mathematicians usually place the independent variable? On which axis do mathematicians usually place the dependent variable? When economists draw supply and demand diagrams, they usually place price on the vertical axis and quantity purchased on the horizontal axis. Why is that “wrong”? 7. (A question about percentages) 0.750 = ______% 8. (A question about fractions) 3 2 = ______% Page 12...
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