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Chapter 1W - Web appendix: Graphs and their meaning. In this appendix, we will cover the fundamentals of graphing, including how to create a graph and the relationships between variables. We will discuss how direct and inverse relationships look graphically, and by the end of the appendix, you should be able to look at a graph and immediately identify whether it demonstrates a direct or inverse relationship.
Chapter 1W McGrawHill/Irwin Web Appendix Web Appendix: Graphs and Their Meaning Copyright © 2013 by The McGrawHill Companies, Inc. All rights reserved Copyright © 2014 by The McGrawHill Companies, Inc. All rights reserved 11 Construction of a Graph Graph Table Income Consumption Point $ $ 50 a 100 100 b 200 150 c 300 400 200 250 Consumption (C) $400 300 e 200 c d e 100 LO7 d b a $100 200 300 400 Income (Y) App 12 Direct and Inverse Relationships • Direct relationship • Both variables move up or down Consumption (C) together Income (Y) LO7 App 13 Direct and Inverse Relationships • Inverse relationship • Variables move opposite of Ticket Price (P) each other Attendance in Thousands (Q) LO7 App 14 Dependent and Independent Variables • Independent variable—the variable • LO7 causing a change in some other (dependent) variable • Also called the causal variable Dependent variable—the variable that changes as a result of a change in some other (independent) variable • Also called the outcome variable App 15 Slope of a Line • Positive slope of a straight line Vertical change +50 Slope = = = = 0.5 Horizontal change +100 LO7 App 16 Slope of a Line • Negative slope of a straight line Vertical change -10 Slope = = = Horizontal change +4 LO7 -2 = -2.5 App 17 Slope of a Line • • • LO7 Slopes and measurement units Slopes and marginal analysis Infinite and zero slopes App 18 Slope = Infinite Purchases of Watches LO7 Consumption Price of Bananas Slope of a Line Slope = Zero Divorce Rate App 19 Slope of a Nonlinear Curve • • LO7 Slope always changes Must use a line tangent to the curve to find slope at that point App 110 Slope of a Nonlinear Curve • Use tangent lines to find the slope 20 15 10 5 LO7 10 15 20 App 111 ... Horizontal change +100 LO7 App 16 Slope of a Line • Negative slope of a straight line Vertical change -1 0 Slope = = = Horizontal change +4 LO7 -2 = -2 .5 App 17 Slope of a Line • • • LO7 Slopes and measurement... zero slopes App 18 Slope = Infinite Purchases of Watches LO7 Consumption Price of Bananas Slope of a Line Slope = Zero Divorce Rate App 19 Slope of a Nonlinear Curve • • LO7 Slope always changes... variable that changes as a result of a change in some other (independent) variable • Also called the outcome variable App 15 Slope of a Line • Positive slope of a straight line Vertical change