Explain what is an inverse relationship

Reference no: EM13203095

Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph? Graph and explain the relationships (other things equal) you would expect to find between

(a) the number of inches of rainfall per month and the sale of umbrellas

(b) the price of bottled water and the number of bottles sold per year, and

(c) the popularity of an entertainer and the price of her concert tickets. In each case cite and explain how variables other than those specifically mentioned might upset the expected relationship. Is your grapgh in part B above consistent with the fact that historically the quantity and price of bottled water have both increased?

Reference no: EM13203095

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