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### HW7 Solutions

Course: ECON 010, Fall 2011
School: UPenn
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Word Count: 1188

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7 Homework Solutions ECON 010, Fall 2011 Question 1: Calculating GDP in a Simple Economy a. What is the Gross Domestic Product (GDP)? Answer: Gross Domestic Product (GDP) is the market value of all nal goods and services produced within a country in a given period of time (year, quarter, month, etc.). b. What is the dierence between nominal GDP and real GDP? Why do we need to distinguish between the two? Answer:...

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UPenn - ECON - 010
Homework 7ECON 010, Fall 2011Question 1: Calculating GDP in a Simple Economya. What is the Gross Domestic Product (GDP)?b. What is the dierence between nominal GDP and real GDP?c. Is GDP a stock value or a ow value? Give examples of each.d. Below ar
UPenn - ECON - 010
Homework 8 SolutionsECON 010, Fall 2011Question 1: GDP and InationSuppose that you are given the following data from Thailand. Answer the questions below.Year200020052010GDP(billions of Thai Baht)4,9226,92410,103Price Index(Base Year: 2000)
UPenn - ECON - 010
Homework 8 SolutionsECON 010, Fall 2011Question 1: GDP and InationSuppose that you are given the following data from Thailand. Answer the questions below.Year200020052010GDP(billions of Thai Baht)4,9226,92410,103Price Index(Base Year: 2000)
UPenn - ECON - 010
Homework 9 SolutionsECON 010, Fall 2011Question 1: National Labor StatisticsThe Bureau of Labor Statistics reported the following data for the second quarter of 2008:Labor force: 154,294,000Employment: 146,089,000Working-age population: 233,410,000
UPenn - ECON - 010
Homework 10 SolutionsECON 010, Fall 20111.Question 1:You are given the information in the table to the right about theeconomy of the United Kingdom.a. Calculate the marginal propensity to consume.b. Calculate and at each level of disposable income.
UPenn - ECON - 010
Homework 11 SolutionsECON 010, Fall 2011Assumptions:1) Money Supply is M1.2) Demand deposit and checking account are the same.Question 1: Money and Money MultiplierA commercial bank gets \$1,000 in currency from a customer as a demand deposit.a. How
UPenn - ECON - 010
Homework 11ECON 010, Fall 2011Assumptions:1) Money Supply is M1.2) Demand deposit and checking account are the same.Question 1: Money and Money MultiplierA commercial bank gets \$1,000 in currency from a customer as a demand deposit.a. How much in d
UPenn - ECON - 010
Homework 12 SolutionsECON 010, Fall 2011Question 1: AD-AS Model and Money MarketAnalyze the credit card revolution in the 1980s. Suppose the demand for money goes down, because agentsnow have credit cards to carry out market transactions.a. Start in
UPenn - ECON - 010
Homework 12ECON 010, Fall 2011Question 1: AD-AS Model and Money MarketAnalyze the credit card revolution in the 1980s. Suppose the demand for money goes down, because agentsnow have credit cards to carry out market transactions.a. Start in the money
UPenn - ECON - 010
Efficiency!Supply Curve!Marginal Cost!Social Marginal Cost
UPenn - ECON - 010
Restraining the Market MechanismEffects of Price Ceilings Shortages Black markets with higher prices Illicit suppliers Underinvestment Vested interests that resist changeEffects of Price Floors Surpluses Disposal problems Unwanted and inefficien
UPenn - ECON - 010
Chapter 10:Definitions Relating to Production and InputsProduction Function: F(K,L)Total output as a function of all inputs. e.g., capital (K) and labor (L).Total Physical Product: TPP(L)Total output as a function of one input (e.g., L) holding all o
UPenn - ECON - 010
Profit Maximization:Three Stages of OptimizationEffects of Price Ceilings(a) Technological Efficiency(b) Cost Minimization(c) Profit Maximization(a) Technological EfficiencyFirm produces a given output by using theleast amount of inputs.Productio
UPenn - ECON - 010
MonopolyMonopoly arises when there is one firm,which produces a good or service that hasno close substitutes and in which the firmis protected by a barrier preventing theentry of new firms. In some places, thephone, gas, electricity, and water suppl
UPenn - ECON - 010
UPenn - ECON - 010
AD-AS ModelAggregate demand and aggregate supply model: A model thatexplains short-run fluctuations in real GDP and the price level.Aggregate demand curve : A curve that shows the relationshipbetween the price level and the quantity of real GDP demand
UPenn - ECON - 010
General view of policies and their effects ineconomic variablesVery Long-Run: Potential real GDP increases continually, shifting the long-runaggregate supply curve to the right. (2-3% economic growth).General view of policies and their effects inecon
UPenn - ECON - 010
Q1.George and Carolyn each have 10 hours a day they can spend producing either cookies ormilkshakes as follows:Cookies(per hour)Milkshakes(per hour)George510Carolyn26Answerthefollowingquestionsusingtheinformationabove:1.Circlethecorrectanswe
UPenn - ECON - 010
Quiz 1 Version A SolutionsECON 010, Fall 201109/28/11Total ScoreNAME:_RIs NAME:_Recitation Section/ Time:_INSTRUCTIONS Please put your name on BOTH pages. There are a total of 4 questions. There are 20 total points. Plan your time accordingly.
UPenn - ECON - 010
Quiz #2 Practice Questions1. Consider a firm under perfect competition. The cost function of a firm is:TC(q)= 3 + q2When the output is 10a. The fixed cost is 0, the average variable cost is 10.b. The fixed cost is 3, the average variable cost is 10.
UPenn - ECON - 010
Quiz 2ECON 010, Fall 201110/17/11Total ScoreNAME:_RIs NAME:_Recitation Section/ Time:_INSTRUCTIONS Please put your name on BOTH pages. There are a total of 3 questions. There are 20 total points. Plan your time accordingly. Read all questions c
UPenn - ECON - 010
Quiz 3 A SolutionsECON 010, Fall 201111/09/11Total ScoreNAME:_RIs NAME:_Recitation Section/ Time:_INSTRUCTIONS Please put your name on BOTH pages. There are a total of 4 questions. There are 20 total points. Plan your time accordingly. Read all
UPenn - ECON - 010
Quiz 4ECON 010, Fall 201112/05/11Total ScoreNAME:_RIs NAME:_Recitation Section/ Time:_INSTRUCTIONS Please put your name on BOTH pages. There are a total of 3 questions. There are 20 total points. Plan your time accordingly. Read all questions c
UPenn - ECON - 010
In111afpfipc)'u . ) J L 6i.c5- )k2- ( ~ m p + i + iv,d0542n=o,',bb)qI,JPrpi &quot; ~ R I ( Q \$ ) = Ac250-\-Q+/IOO=J rbj-A[aq,/~o= 04Ia l G - - 0,Aojli/SOQ j = 6 0 0 0 ) = [ 3 , O CXJ~ S F lo0=I~C.'-4';t~A t K .2 ,: -L ,I100
UPenn - ECON - 010
Econ 001: Midterm 2March 21, 2007 Dr. SpiegelInstructions:!This is a 60-minute examination.!Write all answers on this question packet. Show all work. Use diagramswhereappropriate and label all diagrams carefully.!This exam is given under the rules
UPenn - STAT - 102
Stat 102 Homework #2, 2012Due before 5pm on Monday, Feb 6, (In class or use boxes in JMHH-400)Assignment:Dielman, Problems 3.4, 3.6, 3.7, 3.18, 3.20, 3.26 and 3.30.Note 1: For problems 6 and 7 use JMP to reproduce the scatter plots and theanalysis pr
UPenn - STAT - 102
Homework 1, STAT102, Spring 2012Due: Hand in by 5pm, Fri., Jan 27. Use boxes in JMHH 400 = Stat DeptRead: Chapter 2:Sections 2.1 through 2.7 should be review. Sections 2.8 &amp; 2.9 may be newWritten HW:Problems (on page 31+ in your textbook): 2.25 (ie,
UPenn - STAT - 102
Statistics 102 Fall 2011Homework 1 Solutions (10 Questions Total 1 Point Each)Problem 2.25:With JMP, we can compute that the sample mean =28.15 and the standard deviation is s=6.53, and thusthe 95% CI of the mean miles per gallon isProblem 2.30:H0:
UPenn - STAT - 102
Homework 3, STAT 102 - 2012Due: 5:00 pm, Fri, Feb 24thProject Due Date will be extended to Mon, Feb 27(Reminder: Midterm is 6pm, Wed. Feb 29th. Study materials (= practice exams)for the Midterm will be distributed by the weekend of the 24th -26th.)1.
UPenn - STAT - 102
STAT 102Homework 4Due Date: Wednesday,2012March 28 before 5:00pm in 400 JMHH.1. Problem 4.8 (p. 169) from the textbook. But ignore part f of the question. [Also, donot use the output from the text book. You should produce JMP output and use that in
UPenn - STAT - 102
1. Problem 4.8 (pg 169)Summary of Fit0.088012RSquareRSquare AdjRoot Mean Square ErrorMean of ResponseObservations (or SumWgts)0.074194798.26012821.296135Analysis ofVarianceSourceModelErrorC. TotalParameterEstimatesTermInterceptEXCHR
UPenn - STAT - 102
Stat 102 Spring 2012Homework #2 Solutions3.4a)Based on the original information, we have: xi = 5 + 6 + 7 + 8 + 9 + 10 + 11 = 562i x = 25 + 36 + 49 + 64 + 81 + 100 + 121 = 476 y = 12 + 11.5 + 14 + 15 + 15.4 + 15.3 + 17.5 = 100.7 x y = 60 + 69 + 9
UPenn - STAT - 102
Statistics 102, Spring 2012Larry Brown (Section 1), Nancy Zhang (Sections 2 and 3)Administrative IssuesCanvas: This can be accessed via http:/webcafe.wharton.upenn.edu or viahttp:/spike.wharton.upenn.eduTEXT: Dielman, T. Applied Regression Analysis F
UPenn - STAT - 102
Statistics 102Lecture 2-3L. Brown &amp; N. ZhangTests and Confidence Intervals for Two MeansRead: Sections 2.7 and 2.8 of DielmanDo advertisements help to increase store sales?Data from two independent samples Analysis assuming equal variances Analysi
UPenn - STAT - 102
Lecture 4Stat102 - Spring 2012 Chapter 3.1 3.2: Introduction to regression analysis Linear regression as a descriptive technique The least-squares equations Chapter 3.3 Sampling distribution of b0, b1. Continued in next lecture1Regression Analys
UPenn - STAT - 102
Lecture 16 One Way ANOVAStat 102 2012 One Way Analysis of Variance (ANOVA) Read Ch 9.1 Comparison of means among I groups Individual t tests vs. multiple comparison:Two methods:Bonferroni and Tukey-Kramer1One-way Analysis of Variance One-way ANO
UPenn - STAT - 102
Lecture 5Stat 102 Spring, 2012Inference in Simple Regressions Read Chapter 3.3 Tests and CIs for !1 , !0 . Example: 2003 house prices in ZIP 300621Regression Model (review)Y = !0 + !1x + eY x = !0 + !1x ,a straight linethe model for the mean of
UPenn - STAT - 102
Lectures 8-9: Model Assumptions: Assessment and Repair This material is mostly in Chapters 5 &amp; 6 of Dielman- Some of these chapters involve multiple regression ideas,but most of it only uses simple regression. Class Notes may be the most useful source
UPenn - STAT - 102
Lecture 10: Multiple Regressions (Introduction) The Multiple Regression Model. Read Chap. 4.1- Model description- Estimation of the coefficients- Interpretation of the coefficients in the multiple modelvs. the simple regression model Inferences abou
UPenn - STAT - 102
Lecture 11: Multiple Regression IIStat 1022012 R2 as a Measure of Model Fit. Read Chapter 4.3 Sums of Squares and Effect Tests. Read Chapter 4.4Sums of Squares SST, SSE and SSRANOVA TableR2F-statistic and the F-test for ALL coefficients togetherE
UPenn - STAT - 102
Lecture 13: Model Building in multiple regressionStat 1022012 We will illustrate the practice of model building and discuss thetheory through examination of a model building exercise. Data set pollution.JMP provides information about therelationship
UPenn - STAT - 102
Lecture 13: Polynomial RegressionStat 102 Textbook reading Chapter 5.2.1 Description Using JMP Relation to Multiple Regression; tests of coefficients Choosing the order of the polynomial CIs (for the mean of Y and for prediction of an additional ob
UPenn - STAT - 102
Lecture 15 Part 2, Leverage and InfluenceSTAT 102 Outliers, Leverage and influence in simplelinear regression (Review) Outliers and influential observations inmultiple linear regression; Leverage plots Notes re the text: This topic is covered in Sec
UPenn - STAT - 102
Lecture 17: Two Way ANOVAStat 102 2012 General Description (Read Chapter 9.2 &amp; 9.3) Additive Model ( Randomized Block Design, Chapter 9.2) Model with interactions (Chapter 9.3) Example; Agent service times General Description (cont.) Theory for the
UPenn - STAT - 102
Lecture 18: Multiple Regression with ANOVAStat 102 2012ANOVA and Multiple regressioncan be combined in a single analysis Cover (or review) material from Lectures 16-17 on ANOVA. Then talk about combining Multiple regression and ANOVA, usingthe Meddi
UPenn - STAT - 102
Lecture 12: Multiple Regression IIIStat 1022012 Full and Reduced Model Comparisons Chapter 4.4Testing a group of variables Prediction in multiple regressions Chapter 4.5Confidence intervals For the conditional mean, Y x1 ,., xK .Called Mean Confid
UPenn - STAT - 102
Lecture 6Stat1022012 Assessing the importance of having asloped regression line (Chapter 3.4) R squared ANOVA table F-testNOTE: Your book titles this section: Assessing the fit of the regressionline. But its not really about how well the regressi
UPenn - STAT - 102
Lecture 7Stat1022012 Estimating the conditional mean of y givenx (Section 3.5.1), and CIs Predicting an individual value of y given x(Section 3.5.2), and CIs Some cautions in interpreting regressionresults (Section 3.7)1Example; Car Prices A us
UPenn - STAT - 102
STAT102 Midterm SolutionSpring121.a. Hypothesis:H0 : C P , Ha : C &lt; PTest statistic:t=5 0.27154.17( 10 +111 )= 1.64, s2 =p(10 1)8.72 + (11 1)5.92= 54.1710 + 11 2P-value: (form calculator)P (t19 &gt; 1.64) = 0.0587Critical value:t0.05,19 =
UPenn - STAT - 102
Midterm Exam #1, 2008, Stat 102 SolutionsSections: 001 = M&amp;W@1:30; 002 = T&amp;Th@10:30; 003 = T&amp;Th@1:30Instructions: This is a semi-closed book exam. Up to two pages of notes are allowed. (Thesetwo pages may be two-sided if you wish.)When performing hypo
UPenn - STAT - 102
Midterm Exam #1, Stat 102Sections: 001 = M&amp;W@1:30; 002 = T&amp;Th@10:30; 003 = T&amp;Th@1:30Instructions: This is a semi-closed book exam. Up to ONE page of notes are allowed.(The one page note may be two-sided if you wish.)When performing hypothesis tests, c
UPenn - STAT - 102
Practice Midterm Exam for Stat 102Instructions: The exam itself will be a semi-closed book exam. One page of notes (orone page - two-sided) will be allowed. When performing hypothesis tests, clearly statethe null and alternative hypotheses and show the
UPenn - STAT - 102
MidtermI_PracticeExamI Solutions1. The appropriate hypotheses areH 0 : IMP REGH a : IMP REG(1st Assuming equal variances):The test statistic will come from a t-distribution with 123 degrees of freedom.Approximating this distribution using a t120 dis
UPenn - STAT - 102
Stat 102 Project 1Spring 2012Due before 5:00 on Friday, Feb 24th , in 400 JMHHYou may work individually or collaboratively in groups of up to 3 students per group.The group may consist of students from any of the three sections of stat102 classes. Eac
UPenn - STAT - 102
Stat 102 Project 2Spring 2012Due before 5:00pm on Wednesday, April 11, in 400 JMHHYou may work individually or collaboratively in groups of up to 3 students per group.The group may consist of students from any of the three sections of stat102. Each co
UPenn - STAT - 102
Solutions for Homework 3, STAT 102,Spring 20120. Problem 6 on Page 90. (We already did this problem for HW, so you dont need todo it again. It has the same data set as problem 14, below, so you may want to lookat it again.)1. Problem 12 on Page 111.
UPenn - STAT - 102
Stat 102 Practice Quiz1. The 95% confidence interval for the population meani. is a random interval symmetric around the samplemean.ii. Is a random interval symmetric around thepopulation meaniii. has width proportional to the sample standarddeviat
UPenn - STAT - 102
Stat 102 Practice Quiz1. The 95% confidence interval for the population meani. is a random interval symmetric around the samplemean.ii. Is a random interval symmetric around thepopulation meaniii. has width proportional to the sample standarddeviat
UPenn - STAT - 102
Statistics 102 Quiz 2 Section 1Your Answers: 1. d2. c3. b4. b1. The following JMP output is for the Cars data from Lecture12. The response is the gas mileage (MPG) achieved by eachmodel on highways (note that in lecture, we used a differentrespons
UPenn - SAST - 005
Hawley, Krishna and gender notesexploring idea of love as affliction, male and female roles166poets / musicians are maleproject themelves as femalefor themes of longingdifferent models for lover-beloved relationship(in Islamic lit. voice is male, b
UPenn - SAST - 005
Notes on Mariott, Holidonationsbonfire celebration of Holikas demisecaste connnection&quot;stay indoors&quot;its &quot;Krishna's lila&quot;a. impressed with multi-caste participation in bonfireawoke to fusillades of sand and bricksmud, cow-dung waterauthor considers