Graphs

Graphs

A graph may be defined as a diagram showing a functional relationship between two variables. Information presented on tables can be translated into graphs for better understanding.

Example:

Plot a graph using the table of the quantity of Indomie bought by Fiona at different prices.

Price of IndomieQuantity Bought
₦10020 packs
₦8040 packs
₦6060 packs
₦4080 packs
₦20100 packs

Quantity of Indomie Bought by Fiona at Different Prices

Importance of Graphs

  • Graphs help to show the relationship between two variables.
  • Graphs make clearer and quicker impressions about quantitative information illustrated in tabular form.
  • Graphs make it possible for the effects of changes in variables on quantities to be expressed.

Features of Graphs

  • All graphs must have a title.
  • Graphs must have appropriate scales.
  • All graphs should have x-axis on the horizontal side and y-axis on the vertical side.
  • Graphs must be labeled properly for better understanding.

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This is a lesson from the tutorial, Methods and Tools of Economic Analysis and you are encouraged to log in or register, so that you can track your progress.

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