hey everyone, i have a question, by looking at a particular graph, how will you estimate the amount that is asked in a problem? (e.i. revenue, profit, stocks, etc) Do you just guess or something?
thank you!
First we have to read the title of the graph, i.e. what kind of information the graph conveys, it could be the profit of a company over different years, etc.
Next you have to identify what the axes represent:
the x-axis (the one that goes from left to right) usually represent a variable that progresses regularly, such as time, year, etc.
the y-axis (the one that goes from bottom to top) represents the profit, loss, etc. i.e. values corresponding to the year, etc.
From the graph, you can determine if the profit has increased (get higher to the right) or decreased, etc.
For more detailed information, and possibly some U-tube videos, you can try the following link and make your own selection of description or presentations:
http://www.google.ca/#hl=en&xhr=t&q=how+to+read+graphs&cp=15&pf=p&sclient=psy&aq=0&aqi=&aql=&oq=how+to+read+gra&pbx=1&fp=c9dab5224919fe8e
Great question! When estimating the amount asked in a problem by looking at a graph, we don't just guess. We use various techniques to make an informed estimate. Here's how you can approach it:
1. Understand the graph: Start by examining the graph and understanding what it represents. Look for labels, axes, and any other relevant information provided.
2. Identify the relevant data: Determine which data points or values on the graph are related to the amount you're estimating. For example, if you're estimating revenue, look for data points related to sales or income.
3. Analyze the patterns: Look for patterns or trends in the graph. Consider factors such as the slope, direction, and shape of the lines or bars. Does the value increase or decrease over time? Are there any significant fluctuations, peaks, or valleys?
4. Use interpolation or extrapolation: If you have limited data points, you can estimate values between those points using interpolation. This involves making reasonable assumptions based on the existing data. Extrapolation, on the other hand, involves extending the data trend beyond the available data points. Be cautious when extrapolating, as it assumes the trend will continue, which may not always be the case.
5. Consider external factors: Keep in mind any external factors that might influence the data. For example, if you're estimating stock prices, consider news events, market trends, or company-specific factors that may impact the stock's value.
It's important to note that estimation based on a graph is not always exact and can involve some level of uncertainty. However, by following these steps, you can make reasonably informed estimates of the desired amounts.