Introduction - Thinking like an economist - Graphing
14 important questions on Introduction - Thinking like an economist - Graphing
What are examples of a graph of a single variable?
What are examples of graphs with two variables?
What is the demand curve?
The demand curve traces out the effect of a good's price on the quantity of the good consumers want to buy.
The demand curve represents the relationship between price and quantity demanded.
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What is the difference between positive and negative correlation?
Negative correlation is when two variables move in the opposite direction on the graph.
Why in econonimics do we sometimes hold one variable constant?
Ex: income as a constant, when looking at the demand curve.
In which direction does the demand curve shift, if income increases?
When is it necessary to shift a curve?
What is the slope of a line?
Slope tells how much one variable responds to changes in another variable.
The slope of a line is the ratio of the vertical distance covered to the horizontal distance covered.
Slope = dY/dX.
What can we conclude about the sensitivity to price, when looking at steep and flat demand curves?
A steep demand curve indicates little price sensitivity.
A flat demand curve indicates alot of price sensitivity.
How do economists argue about cause and effect?
Why should economists use caution when drawing conslusions about cause and effect, when using graphs?
- Omitted variables.
- Reverse causality.
How can an omitted variable become a problem, when making conclusions about the relationship between two variables?
How can reverse causality become a problem, when making conclusions about the relationship between two variables?
Why is it wrong to watch which variable moves first, when determining the direction of causality?
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