What are graphic representations?

What are graphic representations?

Graphical representation refers to the use of charts and graphs to visually display, analyze, clarify, and interpret numerical data, functions, and other qualitative structures.

What are the different types of graphical representation?

Different Types of Graphical Representations

• Bar graph. A bar graph or chart is a way to represent data by rectangular column or bar.
• Line graph.
• Histogram.
• Pie chart.
• Stem and leaf plot.
• Pictograph.
• Scatter diagrams.

What is the graphical representation of data?

A chart is a graphical representation for data visualization, in which “the data is represented by symbols, such as bars in a bar chart, lines in a line chart, or slices in a pie chart”. A chart can represent tabular numeric data, functions or some kinds of quality structure and provides different info.

Which is not a graphic representation?

(b) Histogram. We know that bar graph, histogram and frequency polygons are all graphical representation of statistical data. Hence, the correct answer is option (d).

Which of the following is a graphic representation?

Some of the various types of graphical representation include: Line Graphs. Bar Graphs. Histograms.

What is a graphical representation of the combination of goods and services that can be produced?

A production possibilities curve is a graphical representation of the alternative combinations of goods and services an economy can produce.

Why is PPC called opportunity cost?

Why is production possibility curve also called opportunity cost curve? (ii) PPC is also called opportunity cost curve because each and every point on PPC measures the opportunity cost of one commodity in terms of sacrificing other commodity.

Why is PPC downward sloping?

PPC or PPF is a downward sloping curve because of the increasing marginal opportunity cost which means that in order to increase the production of one good a certain amount of another good has to be sacrificed. State its economic value in the context of production possibilities frontier.

What are the properties of PPC?

The two main characteristics of PPC are:

• Slopes downwards to the right: PPC slopes downwards from left to right.
• Concave to the point of origin: It is because to produce each additional unit of commodity A, more and more units of commodity B will have to be sacrificed.

Why is PPC concave?

PPC is concave to the origin because of increasing Marginal opportunity cost. This is because inorder to increase the production of one good by 1 unit more and more units of the other good have to be sacriced since the resources are limited and are not equally efficient in the production of both the goods.

What is the shape of a PPC curve?

The shape of a production possibility curve (PPC) reveals important information about the opportunity cost involved in producing two goods. When the PPC is a straight line, opportunity costs are the same no matter how far you move along the curve.

What are the 4 factors of production?

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

What are the 3 shifters of PPC?

Shifters of the Production Possibilities Curve (PPC)

• Change in the quantity or quality of resources.
• Change in technology.
• Trade.

How do you make a diagram?

The Ultimate Guide to Creating Beautiful Diagrams

1. Pick the Right Diagram Type.
2. Follow the Standards.
3. Stick to a Color Theme.
4. Pay Attention to Typography.
5. Be Mindful of the Size of the Diagram.
6. Add Legends/ Guidance.
7. Be Consistent with the Lines in Diagrams.
8. Keep Plenty of Whitespaces.

How do you read a PPC graph?

The Shape of the Production Possibilities Curve The production possibility curve bows outward. The highest point on the curve is when you only produce one good, on the y-axis, and zero of the other, on the x-axis. On the chart, that is Point A, where the economy produces 140,000 apples and zero oranges.

What is the slope of PPC?

The value of slope at any point on the Production Possibilities Frontier (PPF) curve or Production Possibilities Curve (PPC) indicates the opportunity cost. It is also called as marginal rate of transformation (MRT). Slope of the PPC defines the rate of producing two goods with available resources and technology.

What is the slope of PPC explain with diagram?

The slope of production possibility curve is marginal opportunity cost or marginal rate of transformation which refers to the additional sacrifice that a firm makes when they shift resources and technology from production of one commodity to the other.

What is the slope of PPF called?

The slope of the production–possibility frontier (PPF) at any given point is called the marginal rate of transformation (MRT). The slope defines the rate at which production of one good can be redirected (by reallocation of productive resources) into production of the other.