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Economics 19th Edition by Stanley Brue, Cambell McConnell, Campbell McConnell, Sean Masaki Flynn, Sean Flynn
Edition 19ISBN: 978-0076601783Economics 19th Edition by Stanley Brue, Cambell McConnell, Campbell McConnell, Sean Masaki Flynn, Sean Flynn
Edition 19ISBN: 978-0076601783 Exercise 1
Graph and label as either direct orindirect the relationships you would expect to find between ( a ) the number ofinches of rainfall per month and the sale-of umbrellas, ( b ) the amount of tuition and the level of enrollment at a university, and ( c ) the popularity of an entertainer and the price of her concert tickets.
Explanation
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(a)
We can expect that when there is more rain, more umbrellas would be sold. This exhibits a direct relationship between the number of inches of rainfall in a month and the sale of umbrellas and can be represented by the graph as shown below.
(b)
The amount of tuition and the level of enrollment at a university gives exaggerated examples. If tuition for a year at a university is one million dollars then, there are more chances that the enrollment will be zero, or extremely low. On the other hand, if a university's tuition is one hundred dollars a year then, there are chances that many people will go for enrollment at this university despite its quality. So, we can say that the higher the price of tuition, the lower the enrollment. These two variables exhibits an inverse relationship, and can be represented by the graph as shown below.
(c)
The more popular an entertainer is , the more likely tickets to her concerts will be in demand, and thus will cost a lot. Comparing this to an entertainer who is not well known, she would probably be happy by just getting people to come watch her even if she is not charging a lot for her concerts. So, we see here that the popularity of the entertainer and the price of her concert tickets exhibit a direct relationship, which is shown in the graph below.
We can expect that when there is more rain, more umbrellas would be sold. This exhibits a direct relationship between the number of inches of rainfall in a month and the sale of umbrellas and can be represented by the graph as shown below.
(b)The amount of tuition and the level of enrollment at a university gives exaggerated examples. If tuition for a year at a university is one million dollars then, there are more chances that the enrollment will be zero, or extremely low. On the other hand, if a university's tuition is one hundred dollars a year then, there are chances that many people will go for enrollment at this university despite its quality. So, we can say that the higher the price of tuition, the lower the enrollment. These two variables exhibits an inverse relationship, and can be represented by the graph as shown below.
(c)The more popular an entertainer is , the more likely tickets to her concerts will be in demand, and thus will cost a lot. Comparing this to an entertainer who is not well known, she would probably be happy by just getting people to come watch her even if she is not charging a lot for her concerts. So, we see here that the popularity of the entertainer and the price of her concert tickets exhibit a direct relationship, which is shown in the graph below.
Economics 19th Edition by Stanley Brue, Cambell McConnell, Campbell McConnell, Sean Masaki Flynn, Sean Flynn
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