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Nov 24, 2024

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1 For each of the following statements, please: (1) state which is the dependent variable, and which is the independent variable, and explain why; and (ii) draw a fully labeled graph (i.e. one in which you put the variable names and some units in which each variable might be measured on the axes) depicting this relationship schematically (i.e. with a graph that looks like one of the three pasted below). a) Ice melts faster on hot days. The variables are the outside temperature and the rate of ice melt. Independent Variable: Outside Temperature (degrees Celsius) Dependent Variable : Rate of Ice Melt (g/m) The outside temperature is intentionally changed or manipulated (independent variable) and influences the rate at which ice melts (dependent variable). b) Raising tax rates does not appear to increase unemployment. The variables are the tax rate and the unemployment rate. Independent Variable: Tax Rate (percentage) Dependent Variable: Unemployment Rate (percentage) Rate of ice melt (g/min) Temperature ( 0 C)

2 The tax rate is the independent variable, and it's changed to observe its impact on the unemployment rate, which is the dependent variable. Unemployement Rate(%) Tax Rate (%)

3 c) House prices tend to be higher when interest rates are lower. The variables are the average price of a 3-bedroom house in some neighborhood and the interest rate set by the Federal Reserve. Independent Variable: Interest Rate set by the Federal Reserve (percentage) Dependent Variable: Average Price of a 3-Bedroom House (dollars) The Federal Reserve's interest rate is the independent variable, and it's changed to observe its impact on the average price of a 3-bedroom house, which is the dependent variable. Avarage House price ($) Interest Rates (%)

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