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Production and consumption lie on the same isovalue line.’ Explain this statement with the help of a graph.
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- The relationships between some economic variables w, y, and z and another economic variable, x, are shown in the graph above. Notice that the horizontal axis is labeled “x” since they are all functions of x but the vertical axis is not labeled. 1-1 Does the vertical axis need a label in order for you to be able to understand the graph?1-2What value of x minimizes w?The graph says: Clothing (units per 16 week) 14 12 10 1 2 3 4 5 Food (units per week) You are willing to give up 6 units of clothing to get the first unit of food You are willing to give up 4 units of clothing to get the third unit of food You are willing to give up 1 unit of clothing to get the fourth unit of food You are willing to give up 2 unit of clothing to get the fifth unit of food You are willing to give up 6 units of clothing to get the third unit of foodExplain the economic meaning of the ? matrix and ? vector
- Sketch a graph to illustrate your idea of each of the following relationships. Be sure to label both axes appropriately. In each case, explain under what circumstances, if any, the curve could shift: The relationship between a person’s age and height Average monthly temperature over the course of a year A person’s income and the number of hamburgers consumed per month The amount of fertilizer added to an acre of land and the amount of corn grown on that land in one growing season An automobile's horsepower and it's gasoline mileage (in miles per gallon)Imagine the GDP per capita of a country doubles every one hundred years. What would the shape of a linear-scale graph and a ratio-scale graph be? Select one or more: a. Linear scale: an upward-sloping curve with increasing slope (called convex shape) Ratio scale: an upward-sloping straight line b. Linear scale: an upward-sloping straight line Ratio scale: a straight horizontal line c. Linear scale: an upward-sloping straight line Ratio scale: an upward-sloping curve with decreasing slope (called concave shape) d. Linear scale: an upward-sloping convex curve Ratio scale: an upward-sloping convex curveHow to classify goods as consumption goods and capital goods? Is there any specific way to do so?
- In the circular-flow diagram, the goods markets are where: (a) The households purchase goods from firms;(b) Firms purchase goods from government;(c) Firms purchase goods from households;(d) The government purchases goods from households.Graph and label as either direct or indirect the relationships you would expect to find between (a) the number of inches of rainfal per month and the sale of umbrellas, (b) the amount of tuition and the level of enrollment at a university, and (c) the popularity of an entertainer and the price of her concert tickets.write a short note about the following variables and support your answers by giving examples for each variable: TFC , TC , VC , MC