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Unformatted text preview: CRP3210 Introduction to Quantitative Methods for the Analysis of Public Policy Study Guide for Mid-Term Exam To do well on the mid-term exam you shOuld be able to do the following: 1. 10. ll. 12. 13. 14. 15. 16. Discuss what a policy is and what the advantages and disadvantages of following
policies are. Discuss Stokey and Zeckhauser’s five-part framework for policy analysis. Def] ne what a model is, discuss how a model can be evaluated, and indicate what
the advantages and disadvantages of using a model are. Deﬁne what a system is and what makes a system open or closed.
Characterize and discuss positive and negative feedback loops. Characterize a path through the structure of a system in terms of alternating rates
and levels. Be familiar with the rules and conventions of Forrester-type systems modeling. Sketch a small system from a verbal description or critique a depiction of a small
system. Write the difference equation characterizing the effects upon a level of various
rates. Solve for the equilibrium level of a system.
Deﬁne a general solution to a difference equation. Solve and analyze the stability properties of the solution of a first-order difference
equation. Employ appropriately the rule of 72 and the rule of 70. Be familiar with the key features of queuing models, the principal reasons for
studying queuing models, and steps generally taken in modeling queues. Be familiar with multi-attribute problems and approaches to attempted solutions
of them. Given information on trade-offs, compare alternative proposals via computation
of equivalent alternatives. 17. Be familiar with the distinguishing features of benefit-cost analysis, its strengths
and liabilities. 18. Be familiar with concepts that characterize decisions between alternative plans on
the basis of economic criteria. 19. Compute effective interest rates. '20. Discuss the time value of money and why streams of payments with different face
values made at different points of time may have the same present worth. 2]. Be familiar with and able to employ basic ﬁnancial formulas. ...
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