The purpose of this exercise is to show you how a mathematical (economic) model can be adjusted to better represent an economic phenomenon.Consider the equation Y=2×L,where Y is the number of apple pies that Jonathan can cook in L hours.This equation describes the process of producing apple pies.a.In a graph,draw the line described by the equation Y=2×L.What is the slope of this line
What does the slope represent
Note that the slope is the same for the first,second,and all subsequent hours.In other words,the slope is constant.Why is the constant slope of the line a limitation of your model
b.How should the slope change for higher values of L,the number of hours worked,to account for the fact that the worker might get tired
c.How could you modify the model to capture the change in slope you identified in part b

Question

The purpose of this exercise is to show you how a mathematical (economic) model can be adjusted to better represent an economic phenomenon.Consider the equation Y=2×L,where Y is the number of apple pies that Jonathan can cook in L hours.This equation describes the process of producing apple pies.a.In a graph,draw the line described by the equation Y=2×L.What is the slope of this line
 What does the slope represent
 Note that the slope is the same for the first,second,and all subsequent hours.In other words,the slope is constant.Why is the constant slope of the line a limitation of your model
b.How should the slope change for higher values of L,the number of hours worked,to account for the fact that the worker might get tired
c.How could you modify the model to capture the change in slope you identified in part b

Quizplus · Accepted Answer

The Answer of The purpose of this exercise is to show you how a mathematical (economic) model can be adjusted to better represent an economic phenomenon.Consider the equation Y=2×L,where Y is the number of apple pies that Jonathan can cook in L hours.This equation describes the process of producing apple pies.a.In a graph,draw the line described by the equation Y=2×L.What is the slope of this line
 What does the slope represent
 Note that the slope is the same for the first,second,and all subsequent hours.In other words,the slope is constant.Why is the constant slope of the line a limitation of your model
b.How should the slope change for higher values of L,the number of hours worked,to account for the fact that the worker might get tired
c.How could you modify the model to capture the change in slope you identified in part b

The Purpose of This Exercise Is to Show You How