Question
Explain time-based line $($curve$)$ diagram along with data and brief analysis.
✓
Answer
Time-based line $($curve$)$ diagram:
In economics, a time-based line diagram is used to show the size of population in different time periods, rate of inflation in various years, literacy rate in various years, etc.
Example:
Percentage growth rate of India’s population since $1951$
Analysis: The time-based line diagram tells us that if we look from percentage perspective the.. India’s population growth-rate has shown downward trend except in year $1961-71.$
- This diagram is used when we have ‘time related data’. For example, price of a given share in last $30$ days, number of vehicles passing through a cross road every hour of a day, growth of population from $1951$ to $2001,$ etc.
- The line-diagram represents the relation between the two economic variables and the slope.
- Line-diagram can be used for showing the demand curve, supply curve, etc.
- The independent variable $($usually, time$)$ is measured on $‘X’$ axis and the dependent variable is measured on $‘Y’$ axis.
In economics, a time-based line diagram is used to show the size of population in different time periods, rate of inflation in various years, literacy rate in various years, etc.
Example:
Percentage growth rate of India’s population since $1951$
| Price $($In $Rs.)$ | Demand $($in units Frequency$)$ |
| $1$ | $100$ |
| $2$ | $80$ |
| $5$ | $70$ |
| $7$ | $20$ |
| $10$ | $10$ |
| Decade | Decadal Growth Rate of Population in $\%$ |
| $1951-61$ | $21.64$ |
| $1961-71$ | $24.80$ |
| $1971-81$ | $24.66$ |
| $1981-91$ | $23.87$ |
| $1991-2001$ | $21.54$ |
| $2001-2011$ | $17.64$ |
Analysis: The time-based line diagram tells us that if we look from percentage perspective the.. India’s population growth-rate has shown downward trend except in year $1961-71.$
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