Handout 1b, answers

Handout 1b, answers - Handout 1b Key to Mathematic...

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Handout 1b – Key to Mathematic Diagnostic EC 100 The following handout is a diagnostic test of the mathematic skills needed for Economics 100 and 101. If you get more than 5 wrong, I strongly suggest that you read the appendix at the end of the textbook. 1. 2*12 + 4 = 24 + 4 = 28 . 2. What % of 30 is 6? 6/30 = 1/5 = 0.20 or 20% . 3. How much is 25% of 4? 25% is 0.25 => 4*(0.25) = 1 4. If the price increases 50% from $10, how much is it? A 50% increase is $10*0.5 = $5. The new price would be $10 + $5 = $15 . 5. Suppose that the price index increases from 50 to 55. The growth rate or percentage change in the price index is (55-50)/50 = 5/50 = 0.10 or 10 percent 6. Suppose that the price index increases from 70 to 75. The growth rate or percentage change in the price index is (75-70)/70 = 5/70 = 0.07 or 7 percent 7. 1/2 divided by 1/4 = 1 4 2 1 2 4 == 2 . 8. If X = 6X -2, what is X? isolate X on one side => -5X = -2 => X = 2/5 . 9. X = (1/2)X + 6, what is X? isolate X on one side => (1/2)X = 6 => X = 12 . 10. What is the slope of the line Y = 10 + 2X? The slope is 2 .
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Handout 1b, answers - Handout 1b Key to Mathematic...

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