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Chapter 1: Q 3 (page 26)

Review Figure, and then state whether each of the following paired observations is on, above, or below the x-axis and on, to the left of, or to the right of the y axis.

a. (-10, 4)

b. (20, -2)

c. (10, 0)

Short Answer

Expert verified

(a) Above the x-axis and left of the y-axis.

(b) Below the x-axis and right of the y-axis.

(c) On the x-axis and right of the y-axis.

Step by step solution

01

Step 1. The axes.

The x-axis is the horizontal line whereas the y-axis is the vertical line.

02

Part (a) -10,4

The graph shows that the coordinate is above the x-axis and to the left of the y-axis.

03

Part (b) 20,-2

The graph shows that the coordinate is below the x-axis and to the right of the y-axis.

04

Part (c) 10,0

The graph shows that the coordinate is on the x-axis and to the right of the y-axis.

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Most popular questions from this chapter

Consider two models for estimating, in advance of an election, the shares of votes that will go to rival candidates. According to one model, pollsters’ surveys of a randomly chosen set of registered voters before an election can be used to forecast the percentage of votes that each candidate will receive. This first model relies on the assumption that unpaid survey respondents will give truthful responses about how they will vote and that they will actually cast a ballot in the election. The other model uses prices of financial assets (legally binding IOUs) issued by the Iowa Electronic Markets, operated by the University of Iowa, to predict electoral outcomes. The final payments received by owners of these assets, which can be bought or sold during the weeks and days preceding an election, depending on the shares of votes the candidates actually end up receiving. This second model assumes that owners of these assets wish to earn the highest possible returns, and it indicates that the market prices of these assets provide an indication of the percentage of votes that each candidate will actually receive on the day of the election.

(a) Which of these two models for forecasting electoral results is more firmly based on the rationality assumption of economics?

(b) How would an economist evaluate which is the better model for forecasting electoral outcomes?

Why might the rationality assumption explain why even a chicken farmer who has absolutely no humanitarian concern for chickens might seek to maintain very comfortable conditions for the birds?

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Under what circumstances might people appear to use rules of thumb, as suggested by the assumption of bounded rationality, even though they really were behaving in a manner suggested by the rationality assumption?
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