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Course: M 4200, Fall 2009
School: LSU
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LSU - M - 4200
LSU - M - 4200
Homework #2SolutionsDue: September 9, 2009Do the following exercises from Beachy-Blair, Page 23: 6, 7, 8, 9, 16, 17. 6. For each of the following numbers, give a diagram of all divisors of the number, showing the divisibility relationships. (a) 60 Solu
LSU - M - 4200
LSU - M - 4200
Homework #3SolutionsDue: September 18, 2009You should start reading in Chapter 2. Section 2.1 is just the language of functions, with which you should already be familiar. Please read this section for the language of functions that we will use. The mai
LSU - M - 4200
LSU - M - 4200
LSU - M - 4200
LSU - M - 4200
LSU - M - 4200
LSU - M - 4200
LSU - M - 4200
LSU - M - 4200
Homework #7SolutionsDue: November 6, 2009Do the following exercises from Beachy-Blair: Page 141: 2, 3(a), 11, 19; Page 150-151: 7, 10 Do the following exercises from the study guide for the text (posted on the class website). The assigned exercises are
LSU - M - 4200
LSU - M - 4200
LSU - M - 4200
LSU - M - 4200
University of Florida - QMB - 3250
Business PlanSummaryA Great Company What constitutes a GREAT company Powerful brands Significant products or services Value creation Things people really need or love Ipod; Starbucks; Harley-Davidson Strong competitive position Brand value; econ
University of Florida - QMB - 3250
Business PlanA Section ExampleEstimated Plan LengthxxxxxxxxxxExecutive SummaryCompanyManagementProductMarketCompetitionSales &amp; MarketingOperationsRisk and ResponseFinancials(narrative)Pages1-22-31-23-54-72-33-52-52-42-3Co
University of Florida - QMB - 3250
The PitchPresenting Your PlanThe Pitch Everything in life is a sell at some level What youre selling in the pitch: This makes imminent sense Weve got passion Its so good we cant afford to let it go by norto fail Youve just got to drill down and r
University of Florida - QMB - 3250
Deal Making and NegotiatingThe DealComponents of The Deal Company Valuation Deal Structure Deal NegotiationKey Tenets of Deals No deal is perfect Know your adversary integrity is paramount A good deal is wheneveryone wins The devil is in the d
University of Florida - QMB - 3250
14Developing astartup marketingplan2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Learning Objectives Discuss the role of the product adoption/dif
University of Florida - QMB - 3250
5Analyzing theindustry andmarket2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Learning Objectives Explain the difference between an industryand
University of Florida - QMB - 3250
9PROOF OFCONCEPT: ANEW APPROACHTO BUSINESSPLANS2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Learning Objectives Describe how to move from a fe
University of Florida - QMB - 3250
8CALCULATINGSTARTUPCAPITALREQUIREMENTS2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Learning Objectives Demonstrate an understanding ofentrepre
University of Florida - QMB - 3250
6ANALYZINGPRODUCT/SERVICE DESIGN ANDPROTECTION2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Learning Objectives Discuss the current trends inpr
University of Florida - QMB - 3250
4DEVELOPINGAND TESTING ABUSINESSMODEL2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Learning Objectives Explain what a business model is andwhat
University of Florida - QMB - 3250
Business Planning and theBusiness PlanAn Overview and Some DetailSelected Reasons WhyBusinesses FailxxxxxxxxInsufficient CapitalizationFailure to Understand Capital Requirements ofGrowing BusinessPoor Timing and Choice of ExpendituresLack
University of Florida - QMB - 3250
Feasibility AnalysisGood Opportunities Good ideas not necessarily goodopportunities A good opportunity: Somethingattractive, durable, timely and anchoredin a product or service that creates oradds value for its buyer Embodies sustainable barrier t
University of Florida - QMB - 3250
Creativity and the Role ofFailureSuccesses from Failures 3Ms glue Already discussed: Viagra EdselExperience Failure Youve got to take risk to be creative, andtaking a risk involves possible failure Failure and innovation go hand in hand two sid
University of Florida - QMB - 3250
Review on TechnologyFocusThree Areas of Technology Internet Computing SoftwareB2B Some Statistics Forrester Research Total B2B sales well in excess of \$3 trillion; B2Bexchanges account for about 10% ofexpenditures Deloitte Over 90% of all busi
University of Florida - QMB - 3250
3RECOGNIZINGAND SHAPING ANOPPORTUNITY2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Learning Objectives Understand the nature ofentrepreneurial o
University of Florida - QMB - 3250
Creativity ToolsApproaches to Creative ProblemSolving Adaptor Attempts to refine current practices Employs disciplined, precise, methodicalapproach Concerned with solving, rather than findingproblems Tends to be means oriented Sensitive to group
University of Florida - ECO - 2023
Eco101:Chapter1notesDefinitionofeconomicsthestudyofhowindividualsandsocietiesuselimitedresourcestosatisfyunlimitedwants.Fundamentaleconomicproblemscarcity.individualsandsocietiesmustchooseamongavailablealternatives.Economicgoods,freegoods,andeco
University of Florida - ECO - 2023
Chapter 2: Opportunity costsScarcityEconomics is the study of how individuals and economies deal with the fundamental problem of scarcity. As a result of scarcity, individuals and societies must make choices among competing alternatives.Opportunity Cos
University of Florida - ECO - 2023
Chapter 3: Demand and SupplyBarter vs. monetary economy Barter goods are traded directly for other goods Problems: requires double coincidence of wants large number of trading ratios: N(N1)/2 (high information costs)Monetary economy has lower transa
University of Florida - ECO - 2023
Chapter 4: The Market SystemThree fundamental questions: What? How? For whom?What?In the words of Adam Smith: It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their self-int
University of Florida - ECO - 2023
Chapter 5: The Public SectorEconomic and technical efficiencyTechnical efficiency no unemployed or underemployed resources (i.e., operating on PPC). Economic efficiency (also known as Pareto optimality) it is not possible to benefit one or more individu
University of Florida - ECO - 2023
Chapter 6: ElasticityElasticityA measure of the responsiveness of one variable (usually quantity demanded or supplied) to a change in another variable Most commonly used elasticity: price elasticity of demand, defined as:Price elasticity of demand =Pr
University of Florida - ECO - 2023
Chapter 7: Consumer choiceUtilityUtility = level of happiness or satisfaction associated with alternative choices utility maximizationTotal and marginal utilitytotal utility - the level of happiness derived from consuming the good marginal utility - t
University of Florida - ECO - 2023
Chapter 8 Costs and productionProductionThe total amount of output produced by a firm is a function of the levels of input usage by the firm Total Physical Product (TPP) function - a short-run relationship between the amount of labor and the level of ou
University of Florida - ECO - 2023
Chapter 9 Profit maximizationProfit maximizationEconomic profit = total revenue all economic costs Economic costs include all opportunity costs (explicit and implicit).Economic vs. accounting profiteconomic profit = total revenue all economic costs ac
University of Florida - ECO - 2023
Chapter 10: Perfect competitionPerfectly competitive market many buyers and sellers, identical (also known as homogeneous) products, no barriers to either entry or exit, and buyers and sellers have perfect information.Demand curve facing a single firm
University of Florida - ECO - 2023
Chapter 11: MonopolyMonopoly marketsingle seller for a product with no close substitutes barriers to entryBarriers to entry economies of scale actions by firms actions by governmentEconomies of scale natural monopoliesNatural monopolie s are often
University of Florida - ECO - 2023
Chapter 12: Oligopoly and Monopolistic CompetitionCharacteristics of a monopolistically competitive market Many buyers and sellers Differentiated products Easy entry and exitRelationship to other market modelsMonopolistic competition is similar to pe
University of Florida - ECO - 2023
Chapter 13: Antitrust and RegulationAntitrust policySherman Act (1890) Outlaws contracts and conspiracies in restraint of trade Forbids monopolization Does not describe what is prohibited Bans price discrimination designed to limit competition Prohibi
University of Florida - ECO - 2023
Chapter 14: Government and Market Failure Externalities Negative externalities Positive externalities Negative externalitiesPSMC S (PMC) Q1 QoD (SMB) QPositive externalityPS (SMC)SMB Qo Q1D (PMB) QSolution Taxes or subsidies regu
University of Florida - ECO - 2023
Chapter 15 - Resource marketsEconomic ResourcesResource Resource Payment land rent labor wages capital interest entrepreneurial ability profitEconomic ResourcesRent, wages, and interest are determined in the markets for land, labor, and capital. Entre
University of Florida - ECO - 2023
University of Florida - ECO - 2023
Chapter 17: Capital and Financial MarketsCapital Capital = buildings and equipment used to produce output Do not confuse capital with financial capital Gains from roundabout production (producing goods that are used to produce other goods) Capital accu
University of Florida - ECO - 2023
Chapter 19 Aging, Social Security, and Health CareSocial Security Aging of the population Solvency Effect of Social Security on individual savingsHealth care moral hazard problem mandatory insurance? medical cost inflation effect on employmentHealth
University of Florida - ECO - 2023
Chapter 20 Income distribution and povertyIncome distribution in a market economy Determined by markets Affected by initial endowmentsEstate tax (death tax)Lorenz curveDifferences in income inequalityPoverty programs Cash transfers In-kind transf
University of Florida - STA - 2023
Lecture Notes 1Quick Review of Basic Probability(Casella and Berger Chapters 1-4)1Probability ReviewChapters 1-4 are a review. I will assume you have read and understood Chapters1-4. Let us recall some of the key ideas.1.1Random VariablesA random
University of Florida - STA - 2023
Lecture Notes 21Probability InequalitiesInequalities are useful for bounding quantities that might otherwise be hard to compute.They will also be used in the theory of convergence.Theorem 1 (The Gaussian Tail Inequality) Let X N (0, 1). ThenP(|X | &gt;
University of Florida - STA - 2023
Lecture Notes 31Uniform Boundsni=1Recall that, if X1 , . . . , Xn Bernoulli(p) and pn = n1inequality,2P(|pn p| &gt; ) 2e2n .Xi then, from HoedingsSometimes we want to say more than this.Example 1 Suppose that X1 , . . . , Xn have cdf F . Let1Fn
University of Florida - STA - 2023
Addendum to Lecture Notes 4Here is the proof thatTn =n(X n )Snwhere2SnN (0, 1)n1=n1(Xi X n )2 .i=1P2Step 1. We rst show that Rn 2 where2Rn =n1n(Xi X n )2 .i=1Note that2RnDene Yi =Xi2 .1=nnXi21ni=12nXi.i=1Then, us
University of Florida - STA - 2023
Lecture Notes 41Random SamplesLet X1 , . . . , Xn F . A statistic is any function T = g (X1 , . . . , Xn ). Recall that the samplemean isn1Xn =Xin i=1and sample variance is2Sn1=n1n(Xi X n )2 .i=12Let = E(Xi ) and = Var(Xi ). Recall tha
University of Florida - STA - 2023
Lecture Notes 51Statistical ModelsA statistical model P is a collection of probability distributions (or a collection of densities).An example of a nonparametric model isP=(p (x)2 dx &lt; .p:A parametric model has the formP=p ( x; ) : 2 /2where R
University of Florida - STA - 2023
Lecture Notes 61The Likelihood FunctionDenition. Let X n = (X1 , , Xn ) have joint density p(xn ; ) = p(x1 , . . . , xn ; ) where . The likelihood function L : [0, ) is dened byL() L(; xn ) = p(xn ; )where xn is xed and varies in .1. The likelihood
University of Florida - STA - 2023
Lecture Notes 71Parametric Point EstimationX1 , . . . , Xn p(x; ). Want to estimate = (1 , . . . , k ). An estimator = n = w(X1 , . . . , Xn )is a function of the data.Methods:1. Method of Moments (MOM)2. Maximum likelihood (MLE)3. Bayesian estim
University of Florida - STA - 2023
Lecture Notes 81Minimax TheorySuppose we want to estimate a parameter using data X n = (X1 , . . . , Xn ). What is thebest possible estimator = (X1 , . . . , Xn ) of ? Minimax theory provides a framework foranswering this question.1.1IntroductionL
University of Florida - STA - 2023
Lecture Notes 9Asymptotic (Large Sample) Theory1Review of o, O, etc.1. an = o(1) mean an 0 as n .P2. A random sequence An is op (1) if An 0 as n .P3. A random sequence An is op (bn ) if An /bn 0 as n .P4. np op (1) = op (np ), so n op (1/ n) = o