Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280601
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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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.
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.…
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.
Chapter 1 Solutions
Macroeconomics: Principles and Policy (MindTap Course List)
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Similar questions
- 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_forwardYour boss would like your help on a marketing research project she is conducting on the relationship between the price of soda and the quantity of soda demanded. She hands you the following document: Price of Soda Quantity of Soda Demanded (Dollars per can) (Billions of cans) 0.50 2,000 0.75 1,500 1.00 1,000 1.25 750 Your task is to take this and construct a graphical representation of the data. In doing so, you determine that as the price of soda rises, the quantity of soda demanded decreases. This confirms thearrow_forwardIn 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_forward
- Plot the following system of equations on the following graph. System of Equations: p=6−2q p=3+qarrow_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
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