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SP02_EC41key

# SP02_EC41key - EC 41 UCLA — Sample Problems#2 RE Ch 1 and...

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Unformatted text preview: EC 41 UCLA _ — Sample Problems #2; RE Ch 1 and start of Ch. 2 These problems will NOT be collected or graded, but they will be useful for studying for exams. l) The demand for widgets is summarized by the demand schedule below: Year Price (S) Quantitv ( l 00051 [905 3.00 20 [996 3.50 20 1997 3.50 18 1998 3.50 16 1909 4.50 [4 2000 4.00 15 200] 3.00 25 2002 3.00 30 2003 3.50 28 :1) Draw a “Time Plot" with year on the horizontal axis and Price (to the left) and Quantity (to the right) on the vertical axes: P O .- ')< x 3 )5 ~ w 9‘ m p K. 74‘ i i l 20 K _ - I 1, i; I I XX 1‘ I“ . ( t Q '0 l —l—-l l ———‘i 5,_ t t t i 19956;;J i! “I 2.5.; m 02 m" 1"? {ii-113 b) Represent the same data with Price on the vertical axis, and Quantity on the llorizomal Axis. P 4.5 o x \ . 4 a \ 3.5 0 9 "x. ' 3 O 0 g 10 20 30 Q o) ("I'm-[e (he correcz answer: Is the data represented in the graph in b" time series I) or cross section ls the relationship between P and Q over timekncgative (inverse) I'br positive (direct) 2) List three possible reasons why average median salaries ofindividuals with a bacheIOr’s degree in Economics are higher than t'or individuals with a bachelor’s degree in Marketing . I t‘ {521.1 i .4 ' . r_; . 5 1 ti l lily} iilr‘ 3‘ ) - e r'- : ‘ ‘d - . . . I I I l" A ,in‘l I ' “i; I. r E - .J I - l .‘ r‘ .-* K'- H mp pray-.5”: rut-r- ‘w .r':.‘- _! i-l " 0t #79“? Oped I Jul - 1 If; l I I — l' - t -- .\ F! N”; r _ Pram with“? 0533:.1‘:.-..‘o" 'Ur-idrrjmtr-‘r’ WW5” 9-" VLF-‘1” l/t'l’l’illd’“ J 3) For each Flow, list a corresponding Stock variable: Saving (income-spending) -) ll Government Fiscal Budget Deﬁcit -> ll}? t I ‘2 Fﬂ‘. :‘0 m;g._- -_.- a Number ofnewly hired workers 9 [’"legr‘f 4) For a particular population, assume ORE scores follow a normal distribution with population mean 650, and population standard deviation "' 75 a) The standardized z-score correSponding to a raw score X = 800 is _ f In? .. , ,_ b) What proportion otthis population scored below 800‘? I Li a“ f r: ‘1. r- .- W}. e) What pr0portilon ofthis pOpulation scored below 500? u (J 4" I“ l' M. t AS.) \-..__H_ at m t E) M xi (2% d) What proportion ofthis population scored between 5.00 and 800? _ t. _ .2 (P; e) What proportion ofthis population scored above 800'? . r, r} S) A test is given to |00 students. Scores were normally distributed with average (mean) = 70 and standard deviation - 10. a) Bob got 21 score ot‘Si What is the standardized z-score? gt) "w. ‘ r’ L? l; _ ( t, “""T‘n" ' I a? " ' '3 1n _-_ a, ﬁght "i b) What percent ofthe class had a score above Bob? I v ll”- '_* What percent ofthe class had a score be|0\\' Bob? _; " ‘ a t _ a“: ' "" ' f 2 \- r i g Fiji (higher scores imply higher percentile, 99'“ percentile = top l%) c) In what percentile did Bob‘s score place him? '— 1’ d) Itthe top 15% ofthe students earn an A, did Bob get an A? .9 Ya, 6) Draw a scatter-plot ofthe following data: 0 if X Y '3 2 l 0 0 a Q -2 2 . -4 4 ' i + t E l :r 4 0 _ ‘1 '- 2 3i 35‘ I), 'l . , , . ’I "F": 1. I ""“M . Is the relationship between X and Y pOSlllVU (=dtrect),Wﬁmverse). or neither“? ...
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