# Register now to access 7 million high quality study materials (What's Course Hero?) Course Hero is the premier provider of high quality online educational resources. With millions of study documents, online tutors, digital flashcards and free courseware, Course Hero is helping students learn more efficiently and effectively. Whether you're interested in exploring new subjects or mastering key topics for your next exam, Course Hero has the tools you need to achieve your goals.

2 Pages

### review-questions-6-7-8-a

Course: ECON Econ 2010, Fall 2010
School: Utah Valley University
Rating:

Word Count: 191

#### Document Preview

GUIDE-ECON STUDY 2010 Replace questions 47 and 48 from your study guide with these questions: Answer the next question(s) on the basis of the following two schedules which show the amounts of additional satisfaction (marginal utility) which a consumer would get from successive quantities of products J and K. 1. Refer to the above data. If the consumer has a money income of \$52 and the prices of J and K are \$8 and...

Register Now

#### Unformatted Document Excerpt

Coursehero >> Utah >> Utah Valley University >> ECON Econ 2010

Course Hero has millions of student submitted documents similar to the one
below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.
GUIDE-ECON STUDY 2010 Replace questions 47 and 48 from your study guide with these questions: Answer the next question(s) on the basis of the following two schedules which show the amounts of additional satisfaction (marginal utility) which a consumer would get from successive quantities of products J and K. 1. Refer to the above data. If the consumer has a money income of \$52 and the prices of J and K are \$8 and \$4 respectively, the consumer will maximize her utility by purchasing: A. 2 units of J and 7 units K. B. of 5 units of J and 5 units of K. C. 4 units of J and 5 units of K. D. 6 units of J and 3 units of K. 2.Answer the next question(s) on the basis of the following total utility data for products L and M. Assume that the prices of L and M are \$3 and \$4 respectively and that the consumer's income is \$18. 2. Refer to the above data. How many units of the two products will the consumer purchase? A. 3 of L and none of M B. 4 of L and 2 of M C. 3 of L and 5 of M D. 2 of L and 3 of M Answer key 1. C 2. D
Find millions of documents on Course Hero - Study Guides, Lecture Notes, Reference Materials, Practice Exams and more. Course Hero has millions of course specific materials providing students with the best way to expand their education.

Below is a small sample set of documents:

Utah Valley University - ECON - Econ 2010
Fall 2010ECON 1010SAMPLE: Critic Review Chapter 4 Freakeconomics1. According to the authors where have all the criminal gone?In Freakonomics the authors are discussing the significant drop in crime in the early 1990s inAmerica. The authors discuss ma
Utah Valley University - ECON - Econ 2010
Fall 2010ECON1010SAMPLE : Do we work too hard?One of the limiting resources in our economy is time. As a society, we make choices aboutthe allocation of time between work and other pursuits. In the US, most workers are eligiblefor overtime pay if the
Utah Valley University - ECON - Econ 2010
Fall 2010ECON 1010SAMPLE: Problems1.Draw a production possibilities curve based on Table 1, labeling combinations A-F.What is the opportunity cost of increasing missile production (a) From 50 to 100?(b) From 200 to 250?Table 1 Possible Output Combi
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 1, YOU SHOULD BE ABLE TO:LO1Define marketing and identify thediverse factors influencing marketingactivities.LO2Explain how
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 2, YOU SHOULD BE ABLE TO:LO1Describe two kinds of organizations and the three levels ofstrategy in them.LO2Describe how core
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 3, YOU SHOULD BE ABLE TO:LO1Explain how environmental scanning provides informationabout social, economic, technological, compe
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 4, YOU SHOULD BE ABLE TO:LO1Explain the differences between legal and ethical behavior inmarketing.LO2Identify factors that i
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 5, YOU SHOULD BE ABLE TO:LO1LO2Describe the stages in the consumer purchase decisionprocess.Distinguish among three variation
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 6, YOU SHOULD BE ABLE TO:LO1Distinguish among industrial, reseller, and governmentorganizational markets.LO2Describe the key
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 7, YOU SHOULD BE ABLE TO:LO1Describe the nature and scope of world trade from a globalperspective and its implications for the
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 8, YOU SHOULD BE ABLE TO:LO1Identify the reason for conductingmarketing research.LO2Describe the five-step marketingresearch
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 9, YOU SHOULD BE ABLE TO:LO1Explain what market segmentation is and when to use it.LO2Identify the five steps involved in segm
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 10, YOU SHOULD BE ABLE TO:LO1Recognize the various terms that pertain to products andservices.LO2Identify the ways in which c
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 11, YOU SHOULD BE ABLE TO:LO1LO2LO3LO4Explain the product life-cycle concept.Identify the ways that marketing executives man
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 12, YOU SHOULD BE ABLE TO:LO1Describe four unique elements of services.LO2Recognize how services differ and how they can becl
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 13, YOU SHOULD BE ABLE TO:LO1LO2LO3Identify the elements that make up a price.Recognize the objectives a firm has in setting
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 14, YOU SHOULD BE ABLE TO:LO1LO2Describe how to establish the approximate price levelusing demand-oriented, cost-oriented,pro
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 15, YOU SHOULD BE ABLE TO:LO1LO2Explain what is meant by a marketing channel of distributionand why intermediaries are needed.
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 16, YOU SHOULD BE ABLE TO:LO1Recognize the relationship between marketing channels,logistics, and supply chain management.LO2
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 17, YOU SHOULD BE ABLE TO:LO1Identify retailers in terms of theutilities they provide.LO2Explain the alternative ways toclas
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 18, YOU SHOULD BE ABLE TO:LO1LO2Discuss integrated marketing communication and thecommunication process.Describe the promotio
Utah Valley University - MRKT - MRKT 3600
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 20, YOU SHOULD BE ABLE TO:LO1Discuss the nature and scope of personal selling and salesmanagement in marketing.LO2Identify th
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 21, YOU SHOULD BE ABLE TO:LO1LO2LO3Describe what interactive marketingis and how it creates customer value, customerrelation
Utah Valley University - MRKT - MRKT 3600
McGrawHill/IrwinCopyright 2011byTheMcGrawHillCompanies,Inc.Allrightsreserved.LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 22, YOU SHOULD BE ABLE TO:LO1Explain how marketing managersallocate their limited resources.LO2Describe two marketing plannin
Utah Valley University - MATH - MATH 2040
2 Sample Tests FlowchartComparingSample descriptionAssumptions1 and 2 knownTest2 sample zIndependent samples1 and/or 2 not knownMeansx1 and x 22 sample tDependent samples(Repeated measurementsOn the same or very similarSubjects/units)Propo
Utah Valley University - MATH - MATH 2040
CHAPTER 9 CONFIDENCE INTERVALS9.1 Confidence Intervals For The Mean When is knownIf samples are taken from a normally distributed populationThen over the long run 95% of the values should be in the = populationinterval 1.96 ( = population meanstanda
Utah Valley University - MATH - MATH 2040
9.3,9.4 Confidence Intervals For Proportions andTesting Hypotheses About ProportionsResearchers often want to estimate the proportion of apopulation with a particular characteristic. For example, APhysical Anthropologist may want to know the fraction
Utah Valley University - MATH - MATH 2040
2040 Exam Two TopicsChp. 4 Regression Be able to:Calculate r (TI or Excel)Calculate r2 using SST = SSR + SSEEstimate r (w/in 0.2) from a scatter plotState what r and r2 measureFind the least square regression line y = b1x + b0 using:1) TI or Excel
Utah Valley University - MATH - MATH 2040
2040 Exam 3 ReviewChp. 7 &amp; 8 The Normal Distributiona) Calculate probabilities for a continuous uniform distribution.b) Properties of the normal distribution: continuous and - &lt; x &lt; , total area = 1, symmetric aboutthe mean, probabilities of being in
Utah Valley University - MATH - MATH 2040
1.1 IntroductionStatisticsThe collection, organization, summarization, andanalysis of informationThe Two Branches of Statistics- 1) Descriptive Statistics__2) Inferential Statistics__Types of Data1) Qualitative ___2) Quantitative ___a) Con
Utah Valley University - MATH - MATH 2040
1.5 Sources of Errors in SamplingNon Sampling (Biased) Errors1) Bias in the selection of individuals to be included inthe sample population (e.g. incomplete frame)2) Bias in the selection of individuals from the samplepopulation. These are errors aft
Utah Valley University - MATH - MATH 2040
2.1 Categorical (Qualitative) Data DisplaysClass Level of Students Applying For a ScholarshipFr = FreshmanFrJrFrSoSrFrSrSoFrFrSoFrJrFrSrSoFrFrJrFrJrFrJrSoSo = SophomoreFrSoSoFrSoFrJrSoJr=JuniorFrFrFrSoFrSoSrSoF
Utah Valley University - MATH - MATH 2040
2.2 Quantitative DisplaysAcerage of 39 national parks under 800,000 acres(in 1,000s ofacres)413618352065050519676066338617746294701432332471327106751324677523630821752265285391696477567402220Frequency TablesAcres
Utah Valley University - MATH - MATH 2040
3.1 MEASURES OF CENTRAL LOCATION (TYPICAL)In a previous lecture it was noted that data can be labeled as categorical or quantatitive.We need to also note that the data we obtain may represent all the observations possible;we call this a population. If
Utah Valley University - MATH - MATH 2040
3.2 Measures of VariationSo far our in our study of statistics we have used descriptivemeasures of the central location (mean, median, mode) ofpopulations and samples. However we also would like to makeinferences about the populations from which sampl
Utah Valley University - MATH - MATH 2040
3.4 Measures of PositionChebyshev's TheormFor any set of data (including populations and samples) and anyconstant k &gt; 1, the proportion of the data that lies within kstandard deviations of the mean is at least:1As an example of this theorem let's con
Utah Valley University - MATH - MATH 2040
CHAPTER 4 RELATIONSHIPS BETWEEN TWO VARIABLESGraphical DisplayNumerical summariesscatter plotr, r2, and y = ax + b4.1 Scatter Plots and Correlationscatter plotX1Y72339415511Y151296312345Correlationr - measures the strength of
Utah Valley University - MATH - MATH 2040
5.1 ProbabilitiesIn every day experience, terms such as almost certain or quiteunlikely are often used. In science however we must be more precisein the terms. We would also like to be able to quantify statements.The quantification of the degree of ce
Utah Valley University - MATH - MATH 2040
5.2 Properties of ProbabilityCompliments and The Addition RuleFrom the above definitions we can quickly develop a fewproperties of probability . For example, the probability ofan event (E) can be no less than 0(it never occurs) and nomore than 1 ( it
Utah Valley University - MATH - MATH 2040
5.5Counting Permutations and CombinationsIn calculating classical probabilities we will need to be able tocount both the number of possible outcomes of an experiment and thenumber of outcomes that will be considered success. For example, ifwe are tos
Utah Valley University - MATH - MATH 2040
5.6 CONDITIONAL PROBABILTYandBAYES THEOREMBayes theorem is used when we know the conditional of A given B but want to calculatethe conditionalof B given A. For example, assume we have data that show that 10% ofall deaths are due to lung cancer and 40
Utah Valley University - MATH - MATH 2040
6.1 Discrete Random VariablesAssume we perform the experiment of rolling two distinctDice and observe the number of dots on the top face. TheSample space for this experiment is:(1,1)(2,1)(3,1)(4,1)(5,1)(6,1)(1,2)(2,2)(3,2)(4,2)(5,2)(6,2)(1
Utah Valley University - MATH - MATH 2040
6.2 The Binomial DistributionA binomial distribution occurs when an experiment with twopossible outcomes (success or failure) is repeated severaltimes. Each repetition of the experiment is called a trial.Examples of binomial distributions are:a) The
Utah Valley University - MATH - MATH 2040
Chapter 7 Continuous distributions7.1 The Normal and Uniform DistributionsDiscrete sample spaces have a countable number of elements, i.e.experimental outcomes. Each possible outcome for a random variablevalue has a probability between 0 and 1. The su
Utah Valley University - MATH - MATH 2040
7.5Normal Approximation To The BinomialAs the value of n increases the binomial distribution (withparameters n and p) becomes more bell shaped and approachesthe normal distribution with = np and = npq . Thenormal distribution is a reasonable approxim
Utah Valley University - MATH - MATH 2040
8.1 Mean And Standard Error Of The Sample MeanAssume we have a population with the valuespopulationhas = 4and2 =2=2,3,4,5,6. ThisWe now take all possible non ordered samples of size two from thepopulation and calculate the mean of each pair.pair
Utah Valley University - MATH - MATH 2040
13 ANOVA (Comparison of Three or more means)Previously we looked at 2-sample Z and 2-sample T tests, which can be used to test if two samplescame from populations with the same mean. In this chapter, we will learn a test to check if three ormore sample
Utah Valley University - MATH - MATH 2040
Chapter 14 Simple Linear RegressionHypotheses tests and Confidence IntervalsIn simple linear regression we assume there is alinear relationship between the explanatoryvariable (x) and the response variable (y). Forexample, assume the growth rate (y)
Utah Valley University - MATH - MATH 2040
10.1TESTS OF HYPOTHESESAn important area of inferential statistics is the testing of claims.Examples:Is the average volume of bottles for a particular brand of milk at least128 ozs.?Is a newly develop drug more effective at curing a disease than cur
Utah Valley University - MATH - MATH 2040
10.4 Tests Involving Single ProportionsLarge samplesz=A researcher claims the population proportion = .30Test this claim given the sample data n = 600 and the numberin the sample with the characteristic of interest = 1571) H0: P = .30Ha: p .302)a
Utah Valley University - MATH - MATH 2040
11.1 Paired T tests, Comparison of Two Means FromDependent SamplesThere are instances when we want to use the t test to comparetwo means; however the test is complicated by confoundingvariables. For example, two types of baseball bat arecompared and
Utah Valley University - MATH - MATH 2040
11.2 Inferences About Two Means, IndependentSamples1) Two sample Z test (comparison of two means)When testing if two population means are equal (1 = 2) we usethe two sample Z statistic:( x1 x 2 ) ( 1 2 )Z=note: both 1 and 2 are known2 12 2+n1n
Utah Valley University - MATH - MATH 2040
11.3 Tests Comparing Two ProportionsOur next statistical test will compare two sample proportionsp1' = p2' =This test assumes large sample sizes, thus the standard normal zdistribution is used.z=p1-p2 is the standard deviation for the difference bet
Utah Valley University - MATH - MATH 2040
11.4 F TEST FOR THE COMPARISON OF TWO VARIANCESIn addition to tests comparing the means or proportions of two populations, there aretimes when we want to compare the variances of two populations. For example, inselecting between two manufacturing proce
Utah Valley University - MATH - MATH 2040
Math 2040 Exam 1 fall 2009Name_(Show your work to receive credit)1) Circle all the following charateristics that apply to the histograma) unimodalb) bimodalc) skewed to the rightd) skewed to theleft2) According to the textbook which of the follow
Utah Valley University - MATH - MATH 2040
Math 2040 Exam 2 summer 2010 Name _SHOW your work to receive credit1) A study was made to determine if the distance of a home from the nearest fire station increases thedamage that a fire will cause to the home and the following dat were obtained.Dist
Utah Valley University - MATH - MATH 2040
Math 2040 Exam 3 spring 2010Name_KEY_SHOW YOUR WORK TO RECEIVE CREDIT1) As given in the exam three review sheet, list two characteristicsof the normal distribution (other than the empirical rule)_see exam three review__2) Assume that infants after
Utah Valley University - MATH - MATH 2040
Math 2040 Exam 3 spring 2010Name_SHOW YOUR WORK TO RECEIVE CREDIT1) As given in the exam three review sheet, list two characteristicsof the normal distribution (other than the empirical rule)__2) Assume that infants after a typical gestation period
Utah Valley University - MATH - MATH 2040
Math 2040 exam 4 spring 2010 Name_SHOW YOUR WORK TO RECEIVE CREDIT1) A statistical test was performed as follows:Ho: = 42sample mean 40.4 = 4.8 n =16Ha: &lt; 42Assuming the sample means are normally distributed:a) What is the p-value of the above test
Utah Valley University - MATH - MATH 2040
Math 2040 exam 4 spring 2010 Name_SHOW YOUR WORK TO RECEIVE CREDIT1) A statistical test was performed as follows:Ho: = 42sample mean 40.4 = 4.8 n =16Ha: &lt; 42Assuming the sample means are normally distributed:a) What is the p-value of the above test