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ch01Aslecture

# ch01Aslecture - CHAPTER Getting Started 1 APPENDIX...

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Getting Started CHAPTER 1
When you have completed your study of this appendix, you will be able to A P P E N D I X C H E C K L I S T Interpret a scatter diagram, a time-series graph, and a cross-section graph. 1 Interpret the graphs used in economic models. Define and calculate slope. Graph relationships among more than two variables. 2 3 4

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Basic Idea A graph enables us to visualize the relationship between two variables. To make a graph, set two lines perpendicular to each other: The horizontal line is called the x -axis. The vertical line is called the y -axis. The common zero point is called the origin . APPENDIX: MAKING AND USING GRAPHS
APPENDIX: MAKING AND USING GRAPHS Figure A1.1 How to make a graph The horizontal axis ( x- axis) measures temperature. The vertical axis ( y - axis) measures ice cream consumption.

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APPENDIX: MAKING AND USING GRAPHS Point A shows that when the temperature is 40 degrees, ice cream consumption is only 5 gallons a day. Point B shows that when the temperature is 80 degrees, ice cream consumption jumps to 20 gallons a day.
APPENDIX: MAKING AND USING GRAPHS Interpreting Data Graphs Scatter diagram A graph of the value of one variable against the value of another variable. Time-series graph A graph that measures time on the x -axis and the variable or variables in which we are interested on the y -axis.

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APPENDIX: MAKING AND USING GRAPHS Trend A general tendency for the value of a variable to rise or fall. Cross-section graph A graph that shows the values of an economic variable for different groups in a population at a point in time.
APPENDIX: MAKING AND USING GRAPHS Figure A1.2(a) shows a scatter diagram.

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