ECON 1011 Lecture Notes - Lecture 1: Mercantilism, Simple Math, Dependent And Independent Variables
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An axis is an abstract way of thinking about terms. Cartesian system is what we"re used to seeing in school, but it"s much more useful in economics to put context to. You shouldn"t see them as simply x or y , but rather actual tangible terms. Here, your gpa depends on your study time so it"s the dependent variable. Here, the slope < 0 so the relationship between your gpa and amount of fun is negative. In this example you have a trade-off since your gpa will rise only if your amount of fun decreases. Here, since the slope is 0, there is no relationship between height and gpa. This is equivalent to y=mx+b so we"ll rewrite the original equation into slope-intercept form. To find the p-intercept, set q to 0. To find the q-intercept, set p to 0. Example: graph c=6+2q (where c=cost and q=quantity produced) To find the c intercept, set q to 0.
