Write down the last two course objectives from text page 19:
3.
4.
3. Outline
III. The
Slope of a Relationship
A. The slope of a curve equals the
change in the value of the variable on the vertical axis at the point(s) where the slope
is being calculated divided by the change in the value of the variable on the horizontal
axis at the relevant point(s).
1. In terms of symbols, the slope equals Dy/Dx, with D standing for "change in."
B. The slope of a straight line is constant. The slope is positive if the
variables are positively related and negative if the variables are negatively related.
C. The slope of a curved line at a pointequals the slope of the
straight line that is tangent to the curved line at the point.
D. The slope of a curved line across an arc equals the slope of the straight
line between the two points on the curved line.
IV. Graphing Relationships Among More Than Two
Variables
A. When a relationship involves more than
two variables, diagrams showing the relationship between two of the variables hold all
other pertinent variables constant.
1. Holding other variables constant uses the idea of ceteris paribus,
which is the Latin expression for "other things remaining the same."
2. When one of the other variables not graphed changes, the entire
graphed relationship shifts to another curve.
It's time you visit www.Econ100.com
on the web so that you can register as a member and receive authorization from the
webmaster to enter the site.
Click your mouse on the site above. Click on new
members and register by providing your name, password, e-mail account etc. Remember
your password!
You'll receive a reply from the webmaster in a few
minutes. Read the webmaster's message to see some of the features you're going to
get access to.
After that you can log in under Members.
Make a list of the buttons available to students on the opening menu.
6. Homework
1. Review Helpful Hints in your study guide
on pages 12 -13.
2. Complete even-numbered Questions in your study guide
pages 13 -18 and check your answers in study guide pages 19 - 23.
3. If you watched the video, write one or more sentence about each of its three
episodes which will bring the episodes and lessons learned from them to mind.
4. If not done in class, complete the Two-Minute-Feedback.
5. Visit and register at www.Econ100.com as a member. Take a look at the
Learning Tools. Within Learning Tools you can:
Make a list of the buttons available to students on the opening menu.
Take a quiz;
Engage in RBL (Reading Between the Lines);
Get study help;
Connect with economic links.
7.
Summary
Direct or positive relationships between
two variables can be seen at a glance at a graph of two variables.
Inverse or negative relationships between
two variables can be seen at a glance at a graph of two variables.
Maximum and minimum values of variables
can be seen at a glance at a graph of two variables.
Variables that are unrelated can be
instantly recognized as horizontal or vertical lines when graphs of two variables show
such relations between each other.
Using the methods mentioned on daily class
outline, you can find the slope of a curved line (as the slope of its tangent) and the
slope of an arc (as the slope of the line connecting the two points on the arc).
Ceteris Paribus is an important principle allowing models to discover relationships
between any two variables, so long as the size or magnitude of all other variables
affecting the relation are held constant.
8.
Review and Preview
The next chapter presupposes you already
know the dominant facts which govern our economic lives:
We have limited resources.
We have unlimited wants.
The primary resources are of four kinds.
Having to make choices about their wise use is another inescapable fact of life.
Thus Markets in Action will be an
excursion into the real world:
we'll look carefully housing markets
influenced by rent ceilings in places like New York City;
we'll study the labor market and see how
minimum wage legislation can lead to unemployment;
we'll see how taxes shift the supply
curve, and find out whether those taxes are shifted to the consumer or the supplier;
we'll look at the market for prohibited
goods; and
time permitting, we'll see how fluctuating
supply and governmental policies shift farm income in America.
9.
Two Minute Feedback
Take a minute and jot down the problem,
idea, or concept that was most interesting to you from this chapter.
Take another minute and jot down the
problem, idea, or concept with which you struggled the most.
