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Use the following graph to answer the following questions.
a. How would point J be represented as an ordered pair?
b. What type of curve is this?
c. Does this curve show a positive or negative correlation between price and quantity?
d. Compute the slope of D1 between points J and L.
e. What is the slope of D1 between points L and N? Why would you not have to calculate this answer?
f. What is it called if we move from D1 to D2?
g. How do you know that the slope of D2 is the same as the slope of D1?
Mediocre Economists
Economists who may possess average skills or lack the influence of leading thinkers in their field.
Observable
A characteristic or phenomenon that can be seen, measured, or otherwise detected through empirical methods.
Self-interest
The pursuit of individual advantage or profit, often regarded as a basic economic driving force.
Adam Smith
An 18th-century Scottish economist and philosopher, often considered the father of modern economics, best known for his theory of the invisible hand guiding free markets.
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