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# Principles of Microeconomics EC 201

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This 4 page Class Notes was uploaded by Grayce Heidenreich on Thursday October 15, 2015. The Class Notes belongs to EC 201 at North Carolina State University taught by Staff in Fall. Since its upload, it has received 7 views. For similar materials see /class/223927/ec-201-north-carolina-state-university in Economcs at North Carolina State University.

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Date Created: 10/15/15

Graphing Review Lecture Notes August 28 2006 I Linear functions A Functional form 1 y mx b Ex Consider the budget constraint with the functional form y 2x 12 14 12 Slope 2 m 10 D O 8 6 Michelle s budget 4 constraint 2 I I I I I o 1 2 3 4 5 6 7 B Slope 1 Given a unit change in the horizontal axis the slope is the value by which the vertical axis will change while moving along the curve 2 In the functional form above m is the slope of the line 3 Given two points on a curve one may compute the slope using the quotrise over runquot technique a Slope riserun y2 y1 x2 x1 Ex Given points A and E one may compute the slope riserun 6 8 3 2 2 4 Extreme cases a The slope of a vertical line is infinite A The slope of a vertical line is infinite VARIABLE y VARIABLE x b The slope of a horizontal line is zero The slope of a flat horizontal line is zero VARIABLE y VARIABLE x C Intercepts 1 Vertical or y intercept a When x is equal to zero at what value does the line cross the vertical axis b In the functional form above it may be seen that if x 0 then y b therefore b is the yintercept Ex In the example the yintercept is b 12 2 Horizontal or x intercept a When y is equal to zero at what value does the line cross the horizontal axis b In the functional form above it may be seen that if y 0 then x bm therefore bm is the xintercept Ex In the example the xintercept is bm 12 2 6 II Interpreting curves A We are able to call a linear function a curve as it a specific case of a curve one in which the slope is constant B In most curves the slope will change as one moves along the curve 1 At a point along the curve we may compute the slope by using the quotrise over runquot method by choosing a second point very close the the original Ex Consider the following production possibilities curve Production possibilities 100 curve 9 g 80 l l E m 60 Z 3 D 40 2O O l l l 20 4O 6O 80 100 BUTTER TONS 1 At point E 70 70 we may compute the slope by choosing a second point 71 69 that is very close to the original and calculate riserun 69 70 71 70 1 Riie 69 70 3 Run 71 7o 72 E 70 68 66 l l o 68 7o 72 2 At point A 90 40 we may compute the slope by choosing a second point 91 38 that is very close to the original and calculate riserun 38 40 91 90 2 Rise38 40 Run 91 90 c 46 44 42 A 40 38 36 I l A 0 86 88 90 92 3 Notice that the slope has changed from point E to point A C Beware of a graph39s scale EX The curves presented below are identical A B 12 Michelle39s 24 budget 10 constraint 20 Michelle s budget constraint NUMBER OF CDS PURCHASED NUMBER OF CDS PURCHASED l o NUMBER OF DVDS PURCHASED NUMBER OF DVDS PURCHASED

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