Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 1.A, Problem 1ADQ
To determine
The usage of graphs.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
1. What are the coordinates of the points of the following graph?
Y-axis
2.5
2-
-1.5-
1-
0.5-
Х-ахis
-3
-2
-1
-0.5-
-1
-1.5-
-2
D
1-2.5-
田
2.
O LO
12
Mk
Mc
Graw
Hill
Connect
5. Refer to the following production possibilities table for con.
sumer goods (automobiles) and capital goods (forklifts): LO1.6
a. Show these data graphically. Upon what specific assump-
tions is this production possibilities curve based?
b. If the economy is at point C, what is the cost of one more
automobile? Of one more forklift? Which characteristic of
the production possibilities curve reflects the law of increas-
ing opportunity costs: its shape or its length?
c. If the economy characterized by this production possibilities
table and curve is producing 3 automobiles and 20 forklifts,
what could you conclude about its use of its available
resources?
d. Is production at a point outside the production possibilities
curve currently possible? Could a future advance in technol-
ogy allow production beyond the current production possi-
bilities curve? Could international trade allow a country to
consume beyond its current production possibilities curve?!…
Table 1A.3.1
y
Z
4
1
6
2
Select one:
a.
8
e.
3
Refer to Table 1A.3.1. Assuming y is plotted on the vertical axis, the slope of the line is
10 12
4
5
LO
constant at -2.
b. -2 when x is between 1 and 3.
c. -2 when x is between 1 and 3, and then +2 when x is between 4 and 5.
d.
-2 when x is between 4 and 5.
constant at +2.
Chapter 1 Solutions
Economics (Irwin Economics)
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
Knowledge Booster
Similar questions
- The relationships between some economic variables w, y, and z and another economic variable, x, are shown in the graph above. Notice that the horizontal axis is labeled “x” since they are all functions of x but the vertical axis is not labeled. 1-1 Does the vertical axis need a label in order for you to be able to understand the graph?1-2What value of x minimizes w?arrow_forward4. Suppose that you are an airline executive and you come to work one morning to find a memorandum on our desk indicating that the Boeing 747 that your company leased to fly between New York and London is bringing in revenues of $200,000 per day. You also know that the direct operating expenses (wages for the flight crew, aviation fuel, and that awful airline food) are $180,000 per day. Lastly, suppose you calculate that the interest cost of the loan to pay for the airplane was $40,000 per day. Should you continue to fly the plane? Why might your answer depend on the decision time frame, and what additional information would you need?arrow_forwardPrd 6000 Pce 10000 Demand Profi Price Price Ouan 1500 Cells A17:B18 and A21:B22 are there to draw the profit function for the model. O A) The statement is true. B) The statement is false.arrow_forward
- England France Hours Needed to Make 1 Unit of Bread 1 5 Lemonade 4 2 Number of Units Produced in 20 Hours Bread 20 4 Refer to Table 3-2. Which of the following combinations of bread and lemonade could England produce in 20 hours? O 2.5 units of bread and 20 units of lemonade O 10 units of bread and 20 units of lemonade O 20 units of bread and 2.5 units of lemonade Lemonade 5 10 O 10 units of bread and 2.5 units of lemonadearrow_forwardSuppose that when the interest rate on loans is 16 percent, businesses find it unprofitable to invest in machinery and equipment. However, when the interest rate is 14 percent, $5 billion worth of investment is profitable. At 12 percent interest, a total of $10 billion of investment is profitable. Similarly, total investment increases by $5 billion for each successive 2-percentagepoint decline in the interest rate. Describe the relevant relationship between the interest rate and investment in a table, on a graph, and as an equation. Put the interest rate on the vertical axis and investment on the horizontal axis. In your equation use the form i = a + bI, where i is the interest rate, a is the vertical intercept, b is the slope of the line (which is negative),and I is the level of investment.arrow_forward3. Suppose that you and your roommate Pat are planning a Valentine’s Day party at your apartment. Before you have the party you have to clean your apartment and earn $100 for food and drinks. Suppose that, working alone, either you or Pat could clean the apartment in two days. Working together you could both clean the apartment in one day. You can make $25 a day working at the dining hall, and Pat can make $50 a day as a video game instructor. According to the principle of comparative advantage, what is the most efficient way of throwing the party? Explain. How could you make an arrangement that benefits both of you?arrow_forward
- 10. Jack and Jill work together at an IT company. They are asked to write a new piece of code to fix a bug in some company software, and then they have to give a presentation about it to their colleagues. Between the two of them, Jill works faster. She could write the code in 6 hours, and prepare the presentation in 1 hour. Jack works slower. He would take 7 hours to write the code, and 2 hours to prepare the presentation. Now assume that they have to divide their tasks so that precisely one person works on the code and one person works on the presentation. Who should work on what? Use the concept of comparative advantage in your explanation.arrow_forward3. The world was growing at a constant growth of 0.00007% rate between 100,000 BC and 1750AD. If birth rates per thousand averaged 35 during this period , what was the average death rate in equilibrium. (approximately) O 31 35 40 8. Which of the following statements is correct? A model is an exact representation of what goes on in the economy. Equilibrium in GDP growth rate is when the growth rate is zero. A model is an economic relationship that is only represented by mathematics. Equilibrium is a self-perpetuating situation that does not change, unless a force for change is introduced from the outside and alters the basic data describing the situation. 9. According to Malthus, which of the following are the not the causes of diminishing average product of labor? Environmental effects of over-cultivation (e.g. increased carbon emissions) Increase in population growth rate More labour is devoted to a fixed quantity of land. The new land brought into cultivation is of inferior quality…arrow_forwardOn average, households in China save 40 percent of their annual income each year, whereas households in the United States save less than 5 percent. Production possibilities are growing at roughly 9 percent annually in China and 3.5 percent in the United States. Use graphical analysis of “present goods” versus “future goods” to explain the differences in growth rates.arrow_forward
- 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? Graph and explain the relationships (other things equal) you would expect to find between (a) the number of inches of rainfall per month and the sale of umbrellas, (b) the price of bottled water and the number of bottles sold per year, and (c) the popularity of an entertainer and the price of her concert tickets. In each case cite and explain how variables other than those specifically mentioned might upset the expected relationship. Is your graph in part b, above, consistent with the fact that, historically, the quantity and price of bottled water have both increased? If not, explain any difference.arrow_forward11.Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve: LO5 a.The quality of education increases. b.The number of unemployed workers increases. c.A new technique improves the efficiency of extracting copper from ore. d.A devastating earthquake destroys numerous production facilities.arrow_forwardBriefly 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? Graph and explain the relationships you would expect to find between ( a ) the number of inches 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. In each case cite and explain how variables other than those specififi cally mentioned might upset the expected relationship. Is your graph in previous part b consistent with the fact that, historically, enrollments and tuition have both increased? If not, explain any difference.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education