The Purpose of This Exercise Is to Acquaint You with Some

question 194

Essay

The purpose of this exercise is to acquaint you with some simple mathematical relationships and how they translate into graphs. Economic models can come under the form of equations such as Y=F(L), where Y is sometimes called the "dependent variable" and L is the "independent variable." F, called "function," tells us what the precise relationship between Y and L is. Theoretical relationships (models) are those that can be described by an equation like this. When equations are sufficiently simple, they can be put under the form of a curve in a graph. 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. How many pies does Jonathan cook in 2, 3, 4, and 5 hours?
b. Draw a vertical axis and label it Y; draw a horizontal axis and label it L. Show on this graph the four pairs (L, Y) you determined in parta.
c. Draw a line connecting your four points and extend it to the left until it reaches the vertical axis.
d. Identify a few assumptions that underlie your apple pie production model.
e. Are your assumptions realistic?
f. Can you identify a few limitations of your model?
g. What could you use this model for?

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Definitions:

Conj

Short for "conjunction," it refers to a logical connective that joins two or more statements or propositions, requiring both or all to be true for the compound statement to be true.

Simp

A term used in internet slang to describe someone who performs excessive sympathy or attention towards another person, often without reciprocation.

Conj

Conj is an abbreviation often used for conjunction, a logical connective combining two or more propositions, events, or states.

Simp

Informal term often used derogatorily to describe someone who is overly submissive or attentive to someone else, often with no reciprocity.