Question

In: Economics

In the following cases, specify which of the two variables is the independent variable and which...


In the following cases, specify which of the two variables is the independent variable and which is the dependent variable.

a. A rise the price of barley results in an increase in the quantity of Canadian barley offered for sale.

    The dependent variable is (Click to select)the quantity of Canadian barley offered for salethe price of barley and the independent variable is (Click to select)the price of barleythe quantity of Canadian barley offered for sale.


b. The quantity of salmon offered for sale expands due to a proliferation in the number of salmon farms.

    The dependent variable is (Click to select)the number of salmon farmsthe quantity of salmon offered for sale and the independent variable is (Click to select)the quantity of salmon offered for salethe number of salmon farms.


c. Amounts saved by Canadians fall as a result of a rise in personal income tax rates.

   The dependent variable is (Click to select)personal income tax ratesamounts saved by Canadians and the independent variable is (Click to select)amounts saved by Canadianspersonal income tax rates.


d. An increase in the price of copper raises the amount of copper offered for sale.

    The dependent variable is (Click to select)the price of copperthe amount of copper offered for sale and the independent variable is (Click to select)the amount of copper offered for salethe price of copper.


e. Consumption spending drops due to an increase in interest rates on loans.

    The dependent variable is (Click to select)interest rates on loansconsumption spending and the independent variable is (Click to select)consumption spendinginterest rates on loans.

Solutions

Expert Solution

A) An independent variable is an input variable. It doesn't depend on other factors. A dependent variable is an output variable, which depends on the input variable and other factors.

A rise in the price of barley results in an increase in the quantity of Canadian barley offered for sale. Here the quantity of Canadian barley offered is the output variable that increased because of the rise in the price of barley (input variable).

Therefore, the dependent variable is the quantity of Canadian barley offered for sale.

The independent variable is the price of barley.

B) The quantity of salmon offered for sale depends on the number of salmon farms.

Dependent variable : quantity of salmon offered for sale

Independent variable: number of salmon farms

C) Amounts saved by Canadians depend on the personal income tax rate.

Dependent variable : Amounts saved by Canadians

Independent variable: personal income tax rate

D) Amount of copper offered for sale depends on the price of copper. When price of copper increases, amount of copper offered for sale increases.

Dependent variable : Amount of copper offered for sale

Independent variable: price of copper

E) consumption spending depends on the interest rate on loans.

Dependent variable : consumption spending

Independent variable : interest rate on loans

Rahul Sunny answered 2 years ago
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