Bubble chart from gapminder with an explanation of the economic quantities on the x- and the y-axis. Describe the observed relationship. (A good opportunity to showcase your mastery of terminology, e.g, increasing/decreasing/convex/concave.) 2. An empirical estimate of the rate of change of the observed relationship. To do that create a table that shows the x- and y-value for different points. Empirically find the rise over run. Note: moving your mouse along the graphs and data points on gapminder shows you precise values on the x and y axis. 3. A function (linear, quadratic, logarithmic, exponential, square root, polynomial) that approximately looks like the graph shown in part A.(1), as well as a explanation on why this function captures the observed relationship. Make sure your function aligns with the functional values found in A.2. Note: If the relationship is between log quantities, the function must also depend on the log quantities. Note: The function should have the same name as the economic quantity on the y-axis. The independent variable should have the same name as the economic quantity on the x-axis. For example, if you have pollution on the y-axis and income on the x-axis, your function would be P = P(I). 4. The derivative of the formal function you wrote down in A.3. In the example from A.3, you would find the derivative of P with regard to I. 5. The evaluation of the derivative you found in A.4 at the various points corresponding to entries in your table in A.2. 5. A discussion of whether the formal derivative resembles or is similar to the empirical one. Note: Such a discussion should include aspects that are similar (and why and in what way), as well as aspects that are different (and why and in what way.)
Bubble chart from gapminder with an explanation of the economic quantities on the x- and the y-axis. Describe the observed relationship. (A good opportunity to showcase your mastery of terminology, e.g, increasing/decreasing/convex/concave.) 2. An empirical estimate of the rate of change of the observed relationship. To do that create a table that shows the x- and y-value for different points. Empirically find the rise over run. Note: moving your mouse along the graphs and data points on gapminder shows you precise values on the x and y axis. 3. A function (linear, quadratic, logarithmic, exponential, square root, polynomial) that approximately looks like the graph shown in part A.(1), as well as a explanation on why this function captures the observed relationship. Make sure your function aligns with the functional values found in A.2. Note: If the relationship is between log quantities, the function must also depend on the log quantities. Note: The function should have the same name as the economic quantity on the y-axis. The independent variable should have the same name as the economic quantity on the x-axis. For example, if you have pollution on the y-axis and income on the x-axis, your function would be P = P(I). 4. The derivative of the formal function you wrote down in A.3. In the example from A.3, you would find the derivative of P with regard to I. 5. The evaluation of the derivative you found in A.4 at the various points corresponding to entries in your table in A.2. 5. A discussion of whether the formal derivative resembles or is similar to the empirical one. Note: Such a discussion should include aspects that are similar (and why and in what way), as well as aspects that are different (and why and in what way.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Part A.
1. A bubble chart from gapminder with an explanation of the economic quantities on the x- and the y-axis.
Describe the observed relationship. (A good opportunity to showcase your mastery of terminology, e.g., increasing/decreasing/convex/concave.)
2. An empirical estimate of the rate of change of the observed relationship.
To do that create a table that shows the x- and y-value for different points. Empirically find the rise over run.
Note: moving your mouse along the graphs and data points on gapminder shows you precise values on the x and y axis.
3. A function (linear, quadratic, logarithmic, exponential, square root, polynomial) that approximately looks like the graph shown in part A.(1), as well as a explanation on why this function
captures the observed relationship.
Make sure your function aligns with the functional values found in A.2.
Note: If the relationship is between log quantities, the function must also depend on the log quantities.
Note: The function should have the same name as the economic quantity on the y-axis. The independent variable should have the same name as the economic quantity on the x-axis. For
example, if you have pollution on the y-axis and income on the x-axis, your function would be P = P(I).
4. The derivative of the formal function you wrote down in A.3. In the example from A.3, you would find the derivative of P with regard to I.
5. The evaluation of the derivative you found in A.4 at the various points corresponding to entries in your table in A.2.
6. A discussion of whether the formal derivative resembles or is similar to the empirical one.
Note: Such a discussion should include aspects that are similar (and why and in what way), as well as aspects that are different (and why and in what way.)
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