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GRAPHICAL ANALYSIS: The process of investigating economic phenomena in a systematic manner using graphs and diagrams. Graphical analysis is a common type of economic analysis.
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Lesson 2: Economic Science | Unit 4: Science and Practice
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Page: 15 of 20
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Last verification. Data collected for 50 students in an economics class.- 3 of 6 As--1st row, 7 of 11 Bs--2nd row, 9 of 21 Cs--3rd row, 4 of 7 Ds--4th row, 4 of 5 Fs--5th row.
- 3 of 7 in 1st row--As, 7 of 11 in 2nd--Bs, 9 of 12 in 3rd row--Cs, 4 of 10 in 4th row--Ds, 4 of 10 in 5th row--Fs.
Results:- There appears to be a relationship between course grade and seat position.
- There is no evidence to suggest that our hypothesis is false.
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FACTOR DEMAND ELASTICITY The elasticity of a factor demand curve is affected by four items: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded becomes more or less sensitive to changes in the factor price.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for celebrities who speak directly to you through your television.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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MPI
Marginal Propensity to Invest
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