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by: Megan Lester

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# ECON 101 Chapter 2 Appendix Econ 101

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

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class notes
COURSE
Micro Economics
PROF.
Alejandro Prera
TYPE
Class Notes
PAGES
5
WORDS
CONCEPTS
Economics, Microeconomic
KARMA
25 ?

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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.

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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

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