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The accompanying table illustrates annual salaries and in- come tax owed by five individuals. Apart from the fact that they receive different salaries and owe different amounts of income tax, these five individuals are otherwise identical.
Name
Annual salary
Annual income tax owed
Susan
$22,000
$3,304
Eduardo
63,000
14,317
John
3,000
454
Camila
94,000
23,927
Peter
37,000
7,020
a. If you were to plot these points on a graph, what would be the average slope of the curve between the points for Ed- uardo's and Camila's salaries and taxes using the arc method? How would you interpret this value for slope?
b. What is the average slope of the curve between the points for John's and Susan's salaries and taxes using the arc method? How would you interpret that value for slope?
c. What happens to the slope as salary increases? What does this relationship imply about how the level of income taxes affects a person's incentive to earn a higher salary?
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Presume that a scatter diagram with math grades on the y-axis and science grades on the x-axis shows a strongly positive relationship. From this graph we can state that
Total real rate of return
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