Question

what is slope and how it is ue
sed

Answer 1

Answer:

The concept of slope is important in economics because it is used to measure the rate at which changes are taking place. Economists often look at how things change and about how one item changes in response to a change in another item.

It may show for example how demand changes when price changes or how consumption changes when income changes or how quickly sales are growing.

Slope measures the rate of change in the dependent variable as the independent variable changes. The greater the slope the steeper the line.

Consider the linear function:

y = a + bx

b is the slope of the line. Slope means that a unit change in x, the independent variable will result in a change in y by the amount of b.

slope = change in y/change in x = rise/run

Slope shows both steepness and direction. With positive slope the line moves upward when going from left to right. With negative slope the line moves down when going from left to right.

If two linear functions have the same slope they are parallel.