Give at least three examples from economics where you expect some nonlinearity in the relationship between variables. Interpret the slope in each case
What will be an ideal response?
Answer: Typical answers involve the Cobb-Douglas production function, the Phillips curve, earnings functions, and (given the textbook discussion) student performance and income.
Economics
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In the above figure, curve A is the ________ curve and curve C is the ________ curve
A) total variable cost; total fixed cost B) total cost; total fixed cost C) total fixed cost; total variable cost D) total cost; total variable cost E) total variable cost; total cost
Economics
Lower tariffs and quotas cause a country's currency to ________ in the ________ run, everything else held constant
A) depreciate; short B) appreciate; short C) depreciate; long D) appreciate; long
Economics