KrugWellsECPS3e_Micro_CH02A.indd S-26 4/10/12 3:40 PM 4/10/12 3:40 PM
5.For each of the accompanying diagrams, calculate the area of the shaded right triangle.154321234xy51008060402010152025xy10504030201020304050xy100001086422345xyPanel (a) Panel (b) Panel (c) Panel (d) × 4 × 10 × 40 × 4 6.The base of a right triangle is 10, and its area is 20. What is the height of this right triangle? CHAPTER 2 APPENDIX GRAPHS IN ECONOMICS S-27 KrugWellsECPS3e_Micro_CH02A.indd S-27 KrugWellsECPS3e_Micro_CH02A.indd S-27 4/11/12 10:32 AM 4/11/12 10:32 AM
Solution 7.The accompanying table shows the relationship between workers’ hours of work per week and their hourly wage rate. Apart from the fact that they receive a different hour-ly wage rate and work different hours, these five workers are otherwise identical.a.Which variable is the independent variable? Which is the dependent variable?b.Draw a scatter diagram illustrating this relationship. Draw a (nonlinear) curve that connects the points. Put the hourly wage rate on the vertical axis.c.As the wage rate increases from $15 to $30, how does the number of hours worked respond according to the relationship depicted here? What is the average slope of the curve between Athena’s and Boris’s data points using the arc method?d.As the wage rate increases from $60 to $75, how does the number of hours worked respond according to the relationship depicted here? What is the average slope of the curve between Diego’s and Emily’s data points using the arc method? 7. a. If the wage rate is greater than your opportunity cost of time, you will choose to work. So the wage rate is the independent variable and the number of hours worked is the dependent variable. b. The accompanying diagram illustrates the relationship between the hourly wage rate and the number of hours worked. Since the hourly wage rate is the price paid for labor, economists place wages on the vertical axis—just as in the case of other types of prices. $75 60 45 30 15 0 Wage rate (per hour) Quantity of labor (hours per week) 28 29 30 31 32 33 34 35 36 37
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