Section 1

# Section 1 - Section 1 Econ 140 GSI Edson Severnini 1 Review...

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Unformatted text preview: Section 1 - Econ 140 GSI: Edson Severnini 1 Review 1.1 Data types • In Economics, we use 3 different types of data: – Cross-sectional data : data which describe the activities of individuals, firms, or other units (called "entities") at a given point in time. Example: Country Year GDP Interest rate Europe Brazil 2000 100 22 USA 2000 1000 4 Italy 2000 60 6 1 – Time series data : data which describe the movement of a variable over time. They can be daily, weekly, monthly, quarterly, or annual. Example: Country Year GDP Interest rate Europe Brazil 2000 100 22 Brazil 2001 150 18 Brazil 2002 170 15 Brazil 2003 220 12 – Panel data or Longitudinal data : a combination of the above two data types. Example: Country Year GDP Interest rate Europe Brazil 2000 100 22 Brazil 2001 150 18 Brazil 2002 170 15 Brazil 2003 220 12 USA 2000 1000 4 USA 2001 1150 3 USA 2002 1400 2 USA 2003 1900 2 Italy 2000 60 6 1 Italy 2001 130 5 1 Italy 2002 150 5 1 Italy 2003 190 3 1 1 1.2 Derivatives • Definition : Derivative is a measure of how a function ( y = f ( x )) changes as its input ( x ) changes. • Notation : f ( x ) or dy dx (derivative of y with respect to x ) • Derivatives of elementary functions: – f ( x ) = constant ⇒ f ( x ) = 0 – f ( x ) = x r ⇒ f ( x ) = rx r- 1 – f ( x ) = e x ⇒ f ( x ) = e x – f ( x ) = a x ⇒ f ( x ) = a x ln ( a ) – f ( x ) = ln ( x ) ⇒ f (...
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Section 1 - Section 1 Econ 140 GSI Edson Severnini 1 Review...

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