ESSENTIALS OF ECONOMICS
4th Edition
ISBN: 9781464188466
Author: KRUGMAN
Publisher: Norton, W. W. & Company, Inc.
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Question
Chapter 2A, Problem 7P
To determine
- The independent variable and dependent variable.
- Draw the non-linear curve on a scatter diagram.
- Determine the response of number of hours worked if wage rate increases from $15 to $30 and average slope of curve between these two points.
- Determine the response of number of hours worked if wage rate increases from $60 to $75 and average slope of curve between these two points.
Concept Introduction:
Independent and Dependent Variable: There are two main variables for constructing a graph namely, independent variable and dependent variable. The independent variable is that variable that increases or decreases on its own and a dependent variable is that variable that changes depending upon the changes in an independent variable.
Slope of line: The slope of a line represents the change in the value on y-axis per unit value on x-axis. The slope of a line is a measure of steepness of the line.
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Chapter 2A Solutions
ESSENTIALS OF ECONOMICS
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