GRAPHICAL REPRESENTATION OF DATA
Besides formal tables, statistical
can also be presented
the form of varioustypes of graphs. Graphs are a useful way of conveying information very quicklyand briefly. With the same ease and efficiency, they help in comparing data over time and space. They are visual aids and have
powerful impact on the people.It is often said,
picture is worth
They attract a reader'sattention to what they are supposed to convey about the data. Further, they mayhelp us to estimate some values at a glance, and serve as a pictorial check onthe accuracy of our solutions.However,
presentation of data, although
different ways mentioned above,is only one method of describing data. It cannot and is not a substitute for other forms of presentation
fisher statistical analysis.
the following, we discuss some of thegraphical methods of presentation.
Although there are four quadrants on a plane, in economics we usually draw our diagrams only in the first quadrant where both the quantities measured on X-axisand Y-axis are positive. Economic quantities like price, quantity demanded andsupplied, national income, consumption, production and host of other such variableare non-negative
Let us take a demand schedule and plot it on the graph. The resultant curve on joining different
line graph expressingrelation between price and quantity demanded. Such a line graph in Economics is called
a demand curve.
Note that price is measured on Y-axis and quantity demanded on X-axis. The demand curvefor data given in Table
is given in Fig.