The Purpose of This Exercise Is to Show You How

question 125

Essay

The purpose of this exercise is to show you how a mathematical (economic)model can be adjusted to better represent an economic phenomenon.Consider the equation Y=2×L,where Y is the number of apple pies that Jonathan can cook in L hours.This equation describes the process of producing apple pies.
a.In a Y?2-L graph, draw the line described by the equation Y=2×L. What is the slope of this line? What does the slope represent? Note that the slope is the same for the first, second, and all subsequent hours. In other words, the slope is constant. Why is the constant slope of the line a limitation of your model?
b.How should the slope change for higher values of L, the number of hours worked, to account for the fact that the worker might get tired?
c.How could you modify the model to capture the change in slope you identified in part b?

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Definitions:

Soviet Union

A former federation of communist republics that was established in 1922 and dissolved in 1991, officially known as the Union of Soviet Socialist Republics (USSR).

Atomic Bomb

A weapon of mass destruction that uses nuclear reactions, either fission or a combination of fission and fusion, to release a large amount of energy.

Diplomatic Records

Official documents that record the communications, agreements, and negotiations between diplomatic representatives of different nations or groups.

Soviet Expansion

The period of geopolitical strategy during the Cold War where the Soviet Union sought to spread its influence and control over additional territories.