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Occupational Health and Safety, Canadian Edition

15th Edition
by David L. Goetsch, University of West Florida and Oskaloosa-Walton Eugene Ozon, Algonquin College
1035 Solutions 49 Chapters 1474 Studied ISBN: 0133450244 Computer Science 5 (1)

Chapters 1A: DQ 1

APPENDIX DISCUSSION QUESTIONS

1. Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph?



Step-By-Step Solution

APPENDIX DISCUSSION QUESTIONS

1. Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph?

Answer: Graphs help us visualize relationships between key economic variables in the data. For example, the relationship between the price of oranges and the number of oranges purchased is likely to be an inverse relationship. An inverse relationship is one where we observe one variable increasing and the other variable decreasing as a result (moving in opposite directions). Thus, as the prices of oranges increase we would expect to see a decrease in the quantity of oranges purchased. Graphically, we represent this inverse relationship as follows.

As another example, the relationship between the quality of a textbook and the number of textbooks sold is likely to be a direct relationship. A direct relationship is one where we observe one variable increasing and the other variable increasing as a result (moving in the same direction). Thus, as the quality of the textbook increases the number of books sold also increases. Graphically, we represent this direct relationship as follows.


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