Explain which is the independent and which is the dependent

Explain which is the independent and which is the dependent variable for each of the following examples.

Once you determine the price of a flash drive at the college bookstore, you will decide how many flash drives to buy.

You will decide how many credit hours to register for this semester once the university tells you how many work study hours you will be assigned.

You anticipate earning a higher grade on your next economics exam because you studied more hours in the weeks preceding the exam.

A-2 For each of the following items, state whether a direct or an inverse relationship is likely to exist.

The number of hours you study for an exam and your exam score.

The price of pizza and the quantity purchased.

The number of games the university basketball team won last year and the number of season tickets sold this year.

A-4 State whether each of the following functions specifies a direct or an inverse relationship.

Y = 5x

Y = 10 – 2x

Y = 3 + x

Y = -3x

Some people claim that the “economic way of thinking” does not apply to issues such as health care. Explain how economics does apply to this issue by developing a “model” of an individual’s choices.

1-8. Why does the assumption of bounded suggest that people might use rules of thumb to guide their decision making instead of considering every possible choice available to them?

Solution

(A-1)

(i) Price of flash drive - Independent variable, Number of flash drives - Dependent variable

(ii) Work study hours - Independent variable, Credit study hours - Dependent variable

(iii) Hours of study - Independent variable, Grade in exam - Dependent variable

(A-2) A direct relationship exists when with increase (decrease) in independent variable, value of dependent variable increases (decreases). An inverse relationship exists when with increase (decrease) in independent variable, value of dependent variable decreases (increases).

(i) Number of hours and exam score - Direct relationship

(ii) Price of pizza and quantity purchased - Inverse relationship

(iii) Number of games sold last year and tickets sold this year - Direct relationship

(A-4)

(i) Y = 5X is Direct relationship

(ii) Y = 10 - 2X is Inverse relationship

(iii)  Y = 3 + X is Direct relationship

(iv) Y = - 3X is Inverse relationship

NOTE: As per Chegg Answering guidelines, first 3 questions are answered.