Explain simply drawing the line that approximate data points

Reference no: EM131837694

Problem

The following figure plots the average farm prices of potatoes in the United States for the years 1989 to 1998 versus the annual per capita consumption. Each point represents the price and quantity data for a given year.

1. Explain whether simply drawing the line that approximates the data points would give the accurate demand curve for potatoes.

Reference no: EM131837694

Questions Cloud

What has happened to total farm revenue : What has happened to total farm revenue? In what sense do natural year-to-year changes in growing conditions make farming a boom-or-bust industry?

Were there any unintended consequences of the law : Is there a need to further amend the law? If so was something over looked in the original law or did circumstances change?

What is the probability that the contaminated : a. How many different combinations of 3 cans could be selected? b. What is the probability that the contaminated can is selected for testing?

Market efficiency and market failures : 'Discuss your view of 'spontaneous order' in the terms of market efficiency and market failures

Explain simply drawing the line that approximate data points : Explain whether simply drawing the line that approximates the data points would give the accurate demand curve for potatoes.

How is beta used in the capital asset pricing model : What factors determine the beta of a stock? Define and describe each. How is beta used in the Capital Asset Pricing Model?

What is important about the staffing of fusion centers : What is different and important about the staffing of Fusion Centers that proponents say make them effective?

Owner of bleckie investment and real estate company : Tim Bleckie is the owner of Bleckie Investment and Real Estate Company. The com- pany recently purchased four tracts of land in Holly Farms Estates

Expansion project that requires initial fixed asset : Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2.67 million.

User Account

All Pages