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Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0070998544Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0070998544 Exercise 1
Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph?
Explanation
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Economists most often use graphs to illustrate their models. Most of the principles or models explain the relationship between two sets of economic facts which can be conveniently represented with graphs.
An inverse relationship indicates that the given two variables are inversely related to each other. This also means that when move in one direction, the other variable move in the opposite direction. This is indicated in the graph as downward sloping line.
A direct relationship indicates that the given two variables are directly related to each other. This also means that they move in the same directions. This is represented as a upward sloping line in the graph.
An inverse relationship indicates that the given two variables are inversely related to each other. This also means that when move in one direction, the other variable move in the opposite direction. This is indicated in the graph as downward sloping line.
A direct relationship indicates that the given two variables are directly related to each other. This also means that they move in the same directions. This is represented as a upward sloping line in the graph.
Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
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