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Loading... Economists use graphs not only as a compact and readable presentation of data, but also for visually representing relationships and connections—in other words, they function as models. As such, they can be used to answer questions.
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open.lib.umn.edu · macroeconomics · chapterHow to Construct and Interpret Graphs – Principles of ...
Learning Objectives. Understand how graphs show the relationship between two or more variables and explain how a graph elucidates the nature of the relationship. Define the slope of a curve. Distinguish between a movement along a curve, a shift in a curve, and a rotation in a curve.
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A graph is a pictorial representation of the relationship between two or more variables. The key to understanding graphs is knowing the rules that apply to their construction and interpretation. This section defines those rules and explains how to draw a graph.
Aug 30, 2024 · Remember the saying a picture is worth a thousand words? Instead of a picture, think of a graph. It is the same thing. Economists use models as the primary tool to derive insights about economic issues and problems. Math is one way of working with (or manipulating) economic models.
In economics, we commonly use graphs with price (p) represented on the y-axis, and quantity (q) represented on the x-axis. An intercept is where a line on a graph crosses (“intercepts”) the x-axis or the y-axis.
A graph enables us to visualize the relationship between two variables. To make a graph, set two lines perpendicular to each other: The horizontal line is called the x -axis. The vertical line is called the y -axis. The common zero point is called the origin .
