Section 1 - Section 1 - Econ 140 GSI: Edson Severnini 1...

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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...

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