Final answer:
A model of a line graphically depicts the relationship between two variables, often used in economic models to show trends or make predictions. The x-axis typically represents the independent variable while the y-axis represents the dependent variable, and points are connected with a line if the relationship is linear.
Step-by-step explanation:
The question refers to drawing, labeling, and discussing the model of a line, commonly found in economic models. A line graph is used to show the relationship between two variables.
When drawing a line graph, one variable (typically the independent variable) is shown on the horizontal axis (x-axis), and the other variable (typically the dependent variable) is shown on the vertical axis (y-axis).
To draw a model of a line, you plot the various points that represent the data pairs on the graph, and then connect these points with a straight line if the relationship is linear. This line can help to reveal trends and predict future values.
Case one where a line graph is used might be to show how quantity demanded changes at different price levels, plotting price on the x-axis and quantity on the y-axis.
Case two could involve tracking the unemployment rate over time, with time on the x-axis and the unemployment rate on the y-axis. If the line has a larger intercept, it suggests that, for every given value of x, the value of y starts higher. A smaller intercept indicates a lower start for y given any value of x.