Review of Tables

After completing this unit, you should be able to:

• Identify the table title.
• Identify labels for rows and columns.
• Identify information given in a designated row and column.
• Make statements about data trends from a table.

Tables are used every day. You see them when you read a newspaper or magazine. They are used because they provide a condensed and easy way to convey information. It is important for you to be able to understand what information tables display and to make statements based on the data.

One of the first things you should be able to do when you look at a table is to explain what information is being presented. The example below is a table of an individual buyer's demand for corn. What information is being displayed in this table? (Source: Macroeconomics, McConnell and Brue, 1996)

When reading a table, there are several things that we need to pay attention to. These are the table title, row or column labels, information given in individual cells, and information given within rows and columns, as well as determining if the relationship between rows/columns.

Table Title--A table title gives an overview of the information displayed in the table. The title is given at the top of the table. Row/Column Labels--The label of each row or column indicates what type of information is contained in that row or column. The table shown here has 2 columns of information, each with a label.

Individual Cells--Each cell is defined by its row and column location. In the example above, the cell outlined is in the fourth row, first column. Relationship of cells within a row or column--Often we want to determine if there is a trend within a row or column. Fore example, do the values increase as we move up or down a row or column?

Below is an example of how to determine information from tables. If you have difficulty understanding this example you may wish to view the detailed discussion linked above.

Given the table below, answer the following questions.

What is the attendance when the ticket price is $15 dollars? What is the relationship between ticket prices and attendance? (In other words, how does attendance change as ticket prices change?) What is the optimal ticket price? Give a reason for your answer.

The Relationship Between Ticket Prices and Attendance at First Union University Ticket Prices (dollars) Attendance (thousands) 0 20 5 16 10 12 15 9 20 5 25 0

Below are the answers to the example above. To view the detailed soluntion to a specific question, click on that question, or you may also what the vew the solution from the beginning by clicking the link: [view detailed solution]

1. What is the attendance when ticket price is $15 dollars?
   The answer is 9 thousand.
2. What is the relationship between ticket prices and attendance?
   As ticket prices increase, attendance decreases. The point where no one will buy a ticket is at a cost of $25.
3. What is the optimal ticket price? Give a reason for your answer.
   The optimal ticket price is $15. At a ticket price of $15 the money taken in from ticket sales is $135 thousand, which is the greatest amount. Even though more people attend at a lower price, the amount of money is less than $135 thousand.
   

Now that you've had an review to tables, let's try a practice.

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