New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

ECON 101 Chapter 2 Appendix

by: Megan Lester

ECON 101 Chapter 2 Appendix Econ 101

Marketplace > Washington State University > Econ 101 > ECON 101 Chapter 2 Appendix
Megan Lester
GPA 2.8

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

class notes
Micro Economics
Alejandro Prera
Class Notes
Economics, Microeconomic
25 ?




Popular in Micro Economics

Popular in Department

This 5 page Class Notes was uploaded by Megan Lester on Wednesday September 28, 2016. The Class Notes belongs to Econ 101 at Washington State University taught by Alejandro Prera in Spring2015. Since its upload, it has received 5 views.


Reviews for ECON 101 Chapter 2 Appendix


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 09/28/16
Chapter 2 Appendix Thursday, January 15, 2015 11:20 AM Graphs in Economics EconS 101 • By the end of you should ○ Calculate the slope of the curve. ○ Describe the causal relationship between two variables. ○ Distinguish between an independent variable and a dependent variable. ○ Be able to draw a graph with the informationthat is given. • Why do we use graphs in economics? ○ “A picture is worth a thousand words.” Frederick A. Barnard, Printer’s Ink, December1921. • Most commongraphs in economics Dependent Independent variable – variable – what is • Causal Relationship determines the determined in the relationship. relationship. • Positivevs. Negative features d y=mx+d,m<0 d y=mx+d,m<0 y=mx+c,m>0 c • Ingredients ○ Functional form:  ○ Slope:  ○ Componentsof slope:   ○ c ord are greater than 0. • Examples • Maximum vs. Minimum • Geometry:Areas ○ ○ • Example: Q.7, P. 64 Name Quantity of laborWage rate (hours per week) (per hour) Athena 30 15 ○ Boris 35 30 Curt 37 45 Diego 36 60 Emily 32 70 ○ In this case, Quantity of labor is the dependentvariable and the wage rate is the independent variable. That is, how many hours you work is dependenton how much you are paid per hour. ○ To illustrate this relationship in economics,however,we switch things up. We take the hourly wage as the price, so we place it in the y-axis; and labor as the quantity, which we place in the x-axis. This is true for all price and quantity relationships in economics Name Quantity of labor Wage rate (hrs. per week) (per hr.) Athena 30 15 Boris 35 30 Curt 37 45 Wage rates As the wage rate increases from $60 to 75, the number of Diego 36 60 hours worked drops by 4. The slope is now -3.75. Emily 32 75 As the wage rate increases from $15 to $30, the number of hours worked increases by 5. The average slope between these two points is (30-15)/(35-30)= 15/5 = 3. Hours worked


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.