Chapter 1A: Applying Graphs to Economics
LEARNING OBJECTIVES
The steps to achieve the learning objectives include reading sections from your textbook and the “causation chain game,” which is available directly on the Tucker web site. The steps also include references to “Ask the Instructor Video Clips,” the “Graphing Workshop” available through EconCentral on the Tucker website.
#1 - Use a graph to plot a direct (positive) or an inverse (negative) relationship, and measure the
slope of a straight line or curve.
Step 1 Read the sections in your textbook titled “A Direct Relationship,” “An Inverse Relationship,” “The Slope of a Straight Line,” and “The Slope of a Curve.”
Step 2 Watch the Graphing Workshop “See It!” tutorial titled “Interpreting Graphs.” Study how changes in one variable are related to changes in another variable.
Step 3 Watch the Graphing Workshop “See It!” tutorial titled “Interpreting Graphs.” Study how slopes are computed.
Step 4 Create a new graph a the Graphing Workshop “Try It!” exercise titled “Working with Graphs.” This exercise illustrates the downward-sloping and upward-sloping portion of a curve.
The Result Following these steps, you have learned to interpret direct (positive) and inverse (negative) relationships using economic variables on the X and Y axes of a graph. You have also learned how to compute the positive or negative slope of a straight line or a curve.
#2 - Understand how economists use a multicurve graph to represent a three-variable relationship in a two-dimensional graph.
Step 1 Read the sections in your textbook titled “A Three-Variable Relationship in One Graph” and “A Helpful Study Hint Using Graphs.”
Step 2 Read the Graphing Workshop “Grasp It!” exercise titled “Working with Graphs.” This exercise uses a slider bar to demonstrate shifts in a supply curve because of a change in the cost of producing a product.
The Result Following these steps, you have learned how changes in factors not shown in a graph shift the curve or straight line drawn in the graph.
Ch1A-1