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Unformatted text preview: Midterm 1  Spring 2010  Form B Economics 203 Instructors: Petry and Sahakyan Name: Before beginning the exam, please verify that you have 15 pages with 43 questions in your exam booklet. You should also have a decisiontree and formula sheet provided to you. Please include your full name and NetID on your bubble sheets. Based on the name of your TA and discussion time, please code in the following for the “Section” portion on your scantron: TA Name Discussion Day and Time Section Josh Brown Thursday 9am 001 Josh Brown Thursday 10am 002 Josh Brown Thursday 11am 003 Rafael Ribas Thursday 12pm 004 Rafael Ribas Thursday 1pm 005 Rafael Ribas Thursday 2pm 006 Andreas Hagemann Friday 8am 007 Andreas Hagemann Friday 9am 008 Andreas Hagemann Friday 10am 009 Sergey Popov Friday 11am 010 Sergey Popov Friday 12pm 011 Sergey Popov Friday 1pm 012 Esra Ergul Friday 11am 013 Esra Ergul Friday 12pm 014 Esra Ergul Friday 1pm 015 Lusha Zhu Friday 2pm 016 Lusha Zhu Friday 3pm 017 Lusha Zhu Friday 4pm 018 Good luck! 1. Which of the following is a measure of central tendency? a. Median b. Standard Deviation c. Proportion d. Covariance e. Regression 2. Different research papers have different length but the lengths are normally distributed. Measuring papers in amount of pages, it turns out that 34% of Economics papers are less than 30 pages, whereas 30 pages is precisely the median of the quantity of pages in papers on Finance. Due to data crash, you lose all the quantitative data, except for these pieces of information, along with the number of papers you sampled, remain written on a legal pad on your desk. Based on this information, can you conduct a test for whether there’s more long economics papers than long finance papers? a. Yes, you can use the z test for difference in population means. b. Yes, you can use the z test for difference in population proportions. c. Yes, you can use the t test for difference in population medians. d. Yes, you can use the t test for difference in population means. e. No, you need two samples of quantities of pages. 1 Use the following information to answer the next 3 questions (35): The manager of a restaurant in Champaign is unsure whether she should close at 9pm or at 10pm. If she closes early the restaurant loses potential customers, but if the restaurant closes late she has to pay the staff for another hour. Keeping the restaurant open late is profitable only if the revenue made after 9pm is larger than $240. Over the last 60 days, the revenue after 9pm was on average $259.4 with a sample standard deviation of $83. The manager knows that the population standard deviation is $90. Should the manager close the kitchen at 9pm? 3. What is the value of the test statistic for this question?...
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This note was uploaded on 02/14/2011 for the course ECON 203 taught by Professor Petry during the Spring '09 term at University of Illinois, Urbana Champaign.
 Spring '09
 PETRY
 Economics

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