The answer is: little more than high school algebra and graphs. You will need to know:

• What a function is

• How to interpret the equation of a line (i.e., slope and intercept)

• How to manipulate a line (i.e., changing the slope or the intercept)

• How to compute and interpret a growth rate (i.e., percentage change)

• How to read and manipulate a graph

In this text, we will use the easiest math possible, and we will introduce it in this appendix. So if you find some

math in the book that you cannot follow, come back to this appendix to review. Like most things, math has

diminishing returns. A little math ability goes a long way; the more advanced math you bring in, the less

additional knowledge that will get you. That said, if you are going to major in economics, you should consider

learning a little calculus. It will be worth your while in terms of helping you learn advanced economics more

quickly.

Algebraic Models
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