Which of the following is an advantage of using a line graph?
It can show changes in a variable over time
It can compare values across categories
It can show how a whole is divided into parts
It can present data in a structured format
John is keeping track of his monthly expenses. In January, he spent $500 on rent, $200 on groceries, $100 on entertainment, and $100 on transportation. Create a line graph to show John's monthly expenses for January.
Steps to Create a Line Graph:
Choose a scale for the x-axis and y-axis.
Plot the data points for the month on the graph.
Connect the data points with a line.
Label the x-axis with the months and the y-axis with John's monthly expenses on rent, groceries, entertainment, and transportation.
Title the graph.
A restaurant owner wants to know which dish is the most popular among his customers. He collected data from 100 customers and found that 20 ordered steak, 30 ordered chicken, 15 ordered fish, and 35 ordered vegetarian dishes. Create a bar chart to show the popularity of dishes in the restaurant.
Steps to Create a Bar Chart:
Choose a scale for the x-axis and y-axis.
Draw a vertical or horizontal axis for the y-axis and label it with the categories being compared (in this case, the dishes).
Draw bars for each category, with the height or length of each bar representing the value being compared (in this case, the number of customers who ordered each dish).
Label each bar with the corresponding dish.
Label the x-axis with the categories being compared (in this case, the dishes).
Title the graph.
Which of the following is not a commonly used graph in economic analysis?
Line graph
Bar graph
Pie chart
Scatter plot
A company wants to know the breakdown of its sales by product category. In the last quarter, the company made $100,000 in sales, with $40,000 from product A, $30,000 from product B, $20,000 from product C, and $10,000 from product D. Create a pie chart to show the percentage of sales from each product category.
Steps to Create a Pie Chart:
i. Calculate the percentage of sales for each product category:
Product A: (40,000/100,000) x 100% = 40%
Product B: (30,000/100,000) x 100% = 30%
Product C: (20,000/100,000) x 100% = 20%
Product D: (10,000/100,000) x 100% = 10%
ii. Use the percentages to calculate the angle of each sector of the pie chart:
Product A: 40% x 360° = 144°
Product B: 30% x 360° = 108°
Product C: 20% x 360° = 72°
Product D: 10% x 360° = 36°
iii. Draw a circle and divide it into sectors with the calculated angles.
iv. Label each sector with the corresponding product category.