The accompanying table shows the relationship between workers hours of work per week and their hourly wage
Question:
a. Which variable is the independent variable? Which is the dependent variable?
b. Draw a scatter diagram illustrating this relationship. Draw a (non-linear) curve that connects the points. Put the hourly wage rate on the vertical axis.
c. As the wage rate increases from $15 to $30, how does the number of hours worked respond according to the relationship depicted here? What is the average slope of the curve between Athenas and Boriss data points using the arc method?
d. As the wage rate increases from $60 to $75, how does the number of hours worked respond according to the relationship depicted here? What is the average slope of the curve between Diegos and Emilys data points using the arc method?
Step by Step Answer:
Macroeconomics
ISBN: 978-1319120054
3rd Canadian edition
Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson