Answer
The given function involves a vertical compression by a factor of $\frac{1}{3}$ of the parent function $y=|x|$.
Refer to the blue graph below.
Work Step by Step
RECALL:
When $0\lt a \lt1$, the graph of the function $y=a|x|$ involves a vertical compression by a factor of $|a|$ of the parent function $y=|x|$.
The given function has $a=\frac{1}{3}$ therefore the graph of $y=\frac{1}{3}|x|$ involves a vertical compression by a factor of $\frac{1}{3}$ of the parent function $y=|x|$.
To graph the given function, vertically compress the graph of $y=|x|$ by a factor of $\frac{1}{3}$.
This can be done by multiplying each $y$-value of $y=|x|$ by $\frac{1}{3}$ (while retaining the value of $x$).
Refer to the blue graph above.
