MACROECONOMICS (LOOSELEAF)-PACKAGE
13th Edition
ISBN: 9781337492317
Author: Baumol
Publisher: CENGAGE L
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Chapter 1.A, Problem 1TY
To determine
To draw:
A 2 variable diagram and measure the slope of the line along with the meaning of the numbers.
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1. Solve the following problem by using Excel for graph sketching.
A soda vendor at Louisiana State University football games observes that more sodas
are sold the warmer the temperature at game time is. Based on 32 home games
covering five years, the vendor estimates the relationship between soda sales and
temperature to be y = -240 + 8x, where y = the number of sodas she sells and .x =
temperature in degrees Fahrenheit,
(a) Interpret the estimated slope and intercept. Do the estimates make sense? Why,
or why not?
(b) On a day when the temperature at game time is forecast to be 80°F, predict how
many sodas the vendor will sell.
(c) Below what temperature are the predicted sales zero?
(d) Sketch a graph of the estimated regression line.
Construct a table from the data shown on the graph below. Which is the dependent variable and which the independent variable? Summarize the data in equation form.
The following graph contains four lines (A, B, C and D), each of which has a slope that is either positive, negative, zero, or infinite.
Y-axisX-axisBDCA
For each of the following scenarios, indicate whether the relationship between the two variables is positive or negative, as well as which line on the previous graph has a slope that reflects this type of relationship.
Hint: The X-axis and Y-axis on the graph are not labeled intentionally. You need to substitute the variables from each scenario for the horizontal and vertical axis. For example, in the first scenario, X-axis should be labeled “ ice-cream" and Y-axis should be labeled "The temperature".
Scenario
Relationship
Line
As the temperature rises, the demand for ice-cream rises.
Negative
As the temperature rises, the demand for hot cocoa falls.
Positive
As the temperature falls, the demand for popsicles falls.
Negative
True or False: Line B has a slope of infinity.…
Chapter 1 Solutions
MACROECONOMICS (LOOSELEAF)-PACKAGE
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- The following graph contains four lines (A, B, C and D), each of which has a slope that is either positive, negative, zero, or infinite. For each of the following scenarios, indicate whether the relationship between the two variables is positive or negative, as well as which line on the previous graph has a slope that reflects this type of relationship. Hint: The X-axis and Y-axis on the graph are not labeled intentionally. You need to substitute the variables from each scenario for the horizontal and vertical axis. For example, in the first scenario, X-axis should be labeled “ The average grade received" and Y-axis should be labeled "The number of hours spent studying". Scenario: As the number of hours spent studying rises, the average grade received rises. Relationship: Positive or Negative Line: A, B, C, or D? Scenario: As the number of hours spent watching TV rises, the average grade received falls. Relationship: Positive or Negative Line: A, B, C, or D? Scenario: As the…arrow_forwardIn the accompanying graph, is the slope of curve AA′ positive or negative? Does the slope increase or decrease as we move along the curve from A to A′? Answer the same two questions for curve BB′.arrow_forwardConsider the function Y5X03203, where X and Z are both greater than or equal to zero. Complete the following table by calculating the value of Y for each set of values for X and Z. X 16 18 1 8 20 16 14 N 10 6 Use the blue curve (circle symbols) to graph the values from the previous table that correspond to the contour line when Y=20. Use the green curve (triangle symbols) to graph the values from the previous table that correspond to the contour line when ya 30. Finally, use the purple curve (diamond symbols) to graph the values from the previous table that correspond to the contour line when y=40. 5 4 2 z 16 6 D 4 1 1 16 8 18 Y 0 0 10 X 12 14 10 10 20 Contour Line Y 20 N Contour Line Y 30 B Contour Line Y 40arrow_forward
- The line in the graph shows a relationship between two variables, x and y. What is the slope of the curve? ... The slope of the curve is >>> If the slope is negative, use a minus sign. If the slope is positive, do not use a plus sign. 8 7 5- 4- 3- 2- 1- 0- y 0 1 2 3 4arrow_forwardFor each of the following scenarios, indicate whether the relationship between the two variables is positive or negative, as well as which line on the previous graph has a slope that reflects this type of relationship. Hint: The X-axis and Y-axis on the graph are not labeled intentionally. You need to substitute the variables from each scenario for the horizontal and vertical axis. For example, in the first scenario, X-axis should be labeled “ ice-cream" and Y-axis should be labeled "The temperature". Relationship options: positive, negative Line options: A, B, C, D True or False: Line D has a slope of infinity.arrow_forwardErin grows pecans. The number of bushels (B) that she can produce depends on the number of inches of rainfall (R) that her orchards get. The relationship is given algebraically as follows: B = 3,000 + 800R. Match each part of this equation with the correct term. B slope 3,000 dependent variable 800 vertical intercept R independent variablearrow_forward
- In the accompanying graph, is the slope of curve A A' positive or negative? Does the slope increase or decrease as we move along the curve from A to A'? Answer the same two questions for curve BB'.arrow_forwardY Score on Economics Final Exam 100 75 50 25 A 0 5 10 Hours of Study How would you describe the relationship shown in the graph? A Linear Direct Relationship B A Linear Inverse Relationship A Linear Independant Relationship C A Nonlinear Infinite Relationship D 15 20 Xarrow_forwardWhich one of the following is not true about slope? A, It is vertical change over horizontal change B, The slope of a line represents the change in one variable that occurs when the other variable changes C, The slope of straight line between any two point on the line is negative D Slope= y2-y1/x2-x1arrow_forward
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