ECON1110 Revised: May 2021 Page 1
CHAPTER 1
Problems
1. Help with Graphing: Sam owns a beer store and has run specials on the price of a case of beer.
He wants to represent his findings by converting the table of results into a line graph. Use the
following information to create a graph
BEER
PRICE ($)
QUANTITY DEMANDED
(in cases)
16
2
12
3
8
4
4
5
a. Identify the variables.
Independent Variable: ________
Dependent Variable: ________
b. Number and Label each axis. Label the Y axis: Price. Label the X axis: Quantity
Demanded.
c. Determine and Plot the data points on the graph. (Y, X) ($16, 2) ($12,3) ($8,4) ($4,5)
d. Is the relationship between price and quantity demanded of beer, a direct or inverse
relationship?
