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Tutorial_wk2

# Tutorial_wk2 - Foundations of Economic and Financial Models...

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Foundations of Economic and Financial Models Jürgen Meinecke EMET 1001/7001 School of Economics Semester 2, 2010 Australian National University Tutorial Questions for Week 2 (26/07/2010–30/07/2010) Note : Here are a some questions for you to practice the material covered during the previous week of the lecture. I introduce a few new concepts that haven’t been covered in the lecture. You are expected to work through this tutorial individually and with the help of your tutor. All tutorial material is examinable! Sets and Ordered Pairs Set operations: We have learned about three different set operations: union, intersection, and difference. Here is a more rigorous mathematical definition: Union: A B := { x | x A or x B } Intersection: A B := { x | x A and x B } Difference: A \ B := { x | x A and x / B } . Remember that both union and intersection are commutative but the set difference is not, i.e., A \ B 6 = B \ A . We now define the complement of a set and then move on to a few set exercises. Definition: The complement of A relative to some set U , denoted by A 0 , is the set of elements in U that are not in A : Complement: A 0 := { x U | x / A } Exercises 1. [ Textbook page 348 ] A marketing survey of 1,000 car commuters found that 600 listen to the news, 500 listen to music, and 300 listen to both. Let N :=

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