Hey, guys. I know a lot of you haven't seen graphs for a while, so I'm including this review to refresh you on a lot of those concepts. And if you feel a little more comfortable with the math, I still suggest watching it. You might get some value out of it. The first thing we've got here is our 2 variable graph on the left. Okay. We're going to learn what the key parts of the graph are and how to plot points on the graph in this video. So first, we're going to label what are called the axes of the graph. So here on the bottom, what I've just highlighted in red, this is called the x-axis for our x values, and on the other axis going up we have the y-axis. Cool? Generally, we're going to have numbers or values that tell us how much each jump in the graph is, and for now we're just going to go 1,2,3,4,5,6,7. Right? And usually when I give you graphs in this class, you're not going to have to do this. Right? I'll have done it already. I just figured the first time we do it together just so you get a feel for it. So here on the right, I have what's labeled the demand schedule, and it's got some prices and some quantities. Right? So at certain prices, there's going to be certain quantities that are demanded, and later in the course, we're going to dive into these topics more. But for now, what I want to do is get these points onto the graph. Right? So the first thing we have to do is we're going to label one of our axes as the price and one of our axes as the quantity. In economics, we tend to label the y-axis as price and the x-axis as quantity. This is how they've been doing it. This is just the convention in economics that's been around for a long time. So this is how we will do it as well. Price on the vertical axis and quantity on the horizontal axis. So let's go ahead and get these pairs, what we call pairs of numbers, and we're going to plot them on the graph. So let's start with the first one which I'll call let's label them all a, b, c, d, e just so we know which one we're talking about when we're on the graph. So let's start with (6, 1), a price of 6 and one demanded. So I'm going to go to my price axis and find 6 right up here, and I'm going to start going out. Right? And then when I go to the quantity, I'm going to find 1 and I'm going to go up from there and I'm going to find the point where these two cross with each other, right? So right here that's going to end up being the point 6 for price and one for quantity right there. I'm going to erase some of those extra. Cool? So that's going to be point a right there. Let's go ahead. I'm not going to change colors because I'm not going to have 5 different colors for this right now. I don't think we'll need it, but let's go ahead and plot the rest of these. So, actually for this one I'll use blue and then I'll rotate back to red just, just to keep it a little consistent. So, here we have a price of 5 and a quantity of 2. So we'll find 5 on our price axis, 2 on our quantity axis, and we'll find the place where they mix or where they meet, and that's going to be right there, point b. Let's go back to red and we'll do the same thing for c. So now we've got a price of 4 and a quantity of 3. Right? And that'll be point c right there. And now point d, I'm going to do in blue. And that's got a price of 3 and a quantity of 4. So you can see these are kind of the places where you could get mixed up. Which way, you know, which axis do I put the 3? Which one do I put the 4? So you just have to make sure that you're on the right axis when you start counting. So that'll be point d right there, and let's finish it up with e at a price of 2 and a quantity of 5. Right there. That's point e right there. Cool? So that's how we plot stuff onto the graph. I guess I'll put this as a blue b and a blue d just to match what we've got going there. Cool. Alright. Let's move on to the next example.
Table of contents
- 1. Introduction to Macroeconomics1h 57m
- 2. Introductory Economic Models59m
- 3. Supply and Demand3h 43m
- Introduction to Supply and Demand10m
- The Basics of Demand7m
- Individual Demand and Market Demand6m
- Shifting Demand44m
- The Basics of Supply3m
- Individual Supply and Market Supply6m
- Shifting Supply28m
- Big Daddy Shift Summary8m
- Supply and Demand Together: Equilibrium, Shortage, and Surplus10m
- Supply and Demand Together: One-sided Shifts22m
- Supply and Demand Together: Both Shift34m
- Supply and Demand: Quantitative Analysis40m
- 4. Elasticity2h 26m
- Percentage Change and Price Elasticity of Demand19m
- Elasticity and the Midpoint Method20m
- Price Elasticity of Demand on a Graph11m
- Determinants of Price Elasticity of Demand6m
- Total Revenue Test13m
- Total Revenue Along a Linear Demand Curve14m
- Income Elasticity of Demand23m
- Cross-Price Elasticity of Demand11m
- Price Elasticity of Supply12m
- Price Elasticity of Supply on a Graph3m
- Elasticity Summary9m
- 5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
- Consumer Surplus and WIllingness to Pay33m
- Producer Surplus and Willingness to Sell26m
- Economic Surplus and Efficiency18m
- Quantitative Analysis of Consumer and Producer Surplus at Equilibrium28m
- Price Ceilings, Price Floors, and Black Markets38m
- Quantitative Analysis of Price Ceilings and Floors: Finding Points20m
- Quantitative Analysis of Price Ceilings and Floors: Finding Areas54m
- 6. Introduction to Taxes1h 25m
- 7. Externalities1h 3m
- 8. The Types of Goods1h 13m
- 9. International Trade1h 16m
- 10. Introducing Economic Concepts49m
- Introducing Concepts - Business Cycle7m
- Introducing Concepts - Nominal GDP and Real GDP12m
- Introducing Concepts - Unemployment and Inflation3m
- Introducing Concepts - Economic Growth6m
- Introducing Concepts - Savings and Investment5m
- Introducing Concepts - Trade Deficit and Surplus6m
- Introducing Concepts - Monetary Policy and Fiscal Policy7m
- 11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
- Calculating GDP11m
- Detailed Explanation of GDP Components9m
- Value Added Method for Measuring GDP1m
- Nominal GDP and Real GDP22m
- Shortcomings of GDP8m
- Calculating GDP Using the Income Approach10m
- Other Measures of Total Production and Total Income5m
- Consumer Price Index (CPI)13m
- Using CPI to Adjust for Inflation7m
- Problems with the Consumer Price Index (CPI)6m
- 12. Unemployment and Inflation1h 22m
- Labor Force and Unemployment9m
- Types of Unemployment12m
- Labor Unions and Collective Bargaining6m
- Unemployment: Minimum Wage Laws and Efficiency Wages7m
- Unemployment Trends7m
- Nominal Interest, Real Interest, and the Fisher Equation10m
- Nominal Income and Real Income12m
- Who is Affected by Inflation?5m
- Demand-Pull and Cost-Push Inflation6m
- Costs of Inflation: Shoe-leather Costs and Menu Costs4m
- 13. Productivity and Economic Growth1h 17m
- 14. The Financial System1h 37m
- 15. Income and Consumption52m
- 16. Deriving the Aggregate Expenditures Model1h 22m
- 17. Aggregate Demand and Aggregate Supply Analysis1h 18m
- 18. The Monetary System1h 1m
- The Functions of Money; The Kinds of Money8m
- Defining the Money Supply: M1 and M24m
- Required Reserves and the Deposit Multiplier8m
- Introduction to the Federal Reserve8m
- The Federal Reserve and the Money Supply11m
- History of the US Banking System9m
- The Financial Crisis of 2007-2009 (The Great Recession)10m
- 19. Monetary Policy1h 32m
- 20. Fiscal Policy1h 0m
- 21. Revisiting Inflation, Unemployment, and Policy46m
- 22. Balance of Payments30m
- 23. Exchange Rates1h 16m
- Exchange Rates: Introduction14m
- Exchange Rates: Nominal and Real13m
- Exchange Rates: Equilibrium6m
- Exchange Rates: Shifts in Supply and Demand11m
- Exchange Rates and Net Exports6m
- Exchange Rates: Fixed, Flexible, and Managed Float5m
- Exchange Rates: Purchasing Power Parity7m
- The Gold Standard4m
- The Bretton Woods System6m
- 24. Macroeconomic Schools of Thought40m
- 25. Dynamic AD/AS Model35m
- 26. Special Topics11m
1. Introduction to Macroeconomics
Graphing Review
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