1. _ If the price of a complement decreases, all else equal,
a.
b.
c.
d.
e.
quantity demanded will decrease.
quantity supplied will decrease.
demand will increase.
demand will decrease.
supply will increase.
2. _ The market demand curve for a given good s
Chapter 7 Production cost
I. Production function
II. Short-run costs
III. Production and costs in the long run
Production function
What does a production function show?
- Shows the relationship between input and
output
- Input means resource. Labor is inp
Chapter 6 Markets, maximizers and efficiency
I. Logic of maximizing behavior for Consumers
and firms as maximizers and the marginal
decision rule
II. Consumer surplus, producer surplus, net
benefit and market efficiency
III. Market failure
Consumers and f
University of Illinois Department of Economics
Econ 103 Fall 2014
Exercise 1
TA: Zheng Zhang
1. Opportunity cost can be best defined as:
A the value of the best alternative given up when making a choice.
B the cost of making one additional unit.
C the cos
Colleges and Universities
School
Amherst
Barnard
Bates
Berkeley
Bowdoin
Brown
Bryn Mawr
Cal Tech
Carleton
Carnegie Mellon
Claremont McKenna
Colby
Colgate
Columbia
Cornell
Davisdson
Duke
Georgetown
Grinnell
Hamilton
Harvard
Haverford
Johns Hopkins
Middlebu
Assignment 4
Due: Thursday, November 7th at the beginning of the Lecture
1) Buyers often insist on discounts for large orders. Experience shows that the amount
of their required discounts ranges from 0 to 18%, with a uniform di
ECON 180 - Statistics-Bus & Econ
Assignment 2 - Solutions
1. Question 4.19 from the textbook (Essentials of Business Statistics 3rd edition, page 195)
a. P(Moderate to high RiskjAerospace company)= P (M oderatetohighRisk and Aerospacecompany) =
P (Aerospa
ECON 180 - Statistics-Bus & Econ
Assignment 1-Solutions
1.
a. number of classes=1+3.3log(n)=1+3.3log(28)=5.77' 6
Range
b. Range=47-17=30, class length= number of classes =
c,d, f.
Class
below 20
21-25
26-30
31-35
36-40
41-45
above 45
Frequency
3
2
1
5
13
ECON 180 - Statistics-Bus & Econ
Assignment 2
Due: September 26th Thursday at the beginning of the LECTURE
(No late homework will be accepted)
1. Each month a brokerage house studies various companies and rates each company stock as being either
s
"low ri
ECON 180
Statistics-Bus & Econ
Practice Final Exam
Name (Last, First):_
Student ID:_
1
1.
A sample of 10 adults was asked to report the number of hours they spent on the Internet the previous
month. The data is listed as:
0, 7, 12, 5, 33, 14, 8, 0, 9, 22
ECON 180
Statistics-Bus & Econ
Practice Final Exam
Name (Last, First):_
Student ID:_
1
1.
A sample of 10 adults was asked to report the number of hours they spent on the Internet the previous
month. The data is listed as:
0, 7, 12, 5, 33, 14, 8, 0, 9, 22
ECON 180 - Statistics-Bus & Econ
Midterm 1-Review Questions
1.
a. In a shipment of 100 televisions, 6 are defective. If a person buys two televisions from that shipment,
what is the probability that both are defective?
5
99
6
100
P(both are defective)=
=
ECON 180
Assignment 3
Due: Tuesday, October 22nd at the beginning of the LECTURE
1. The probability of a student graduating from college in four years is 0.4. If 6
students are selected at random, find the probability that at least 1 of them will
not grad
ECON 180 - Statistics-Bus & Econ
Midterm 2-Review Questions
1. Consider a state election across all 15 counties of the state. One candidate each from four political parties
(parties A, B, C and D) are contesting at each county. All four contestants in a c
ECON 180 - Statistics-Bus & Econ
Midterm 1-Review Questions
1.
a. In a shipment of 100 televisions, 6 are defective. If a person buys two televisions from that shipment,
what is the probability that both are defective?
b. Two dice are rolled. Find the pro
ECON 180 - Statistics-Bus & Econ
Midterm 2-Review Questions
1. Consider a state election across all 15 counties of the state. One candidate each from four political parties
(parties A, B, C and D) are contesting at each county. All four contestants in a c
Running Head: APPLICATIONS OF THE SCIENTIFIC METHOD
Applications of the Scientific Method
1
Developing a new product is one of the factors that several companies find complex to
undertake. The complexity occasions from the challenges such as poor receptio
PrinciplesofMacroeconomics,9eTB1(Case/Fair/Oster) Chapter3
1
Demand, Supply, and Market Equilibriu 3.1
m
Fir
1
M ul ti pl e C 1)
h o i c e
Michael individualwhosoldcomputersbymailorder.ThecompanyfoundedbyDellisnowoneofthelargest Dellwas andmostsuccessful
PrinciplesofMacroeconomics,9eTB1(Case/Fair/Oster) Chapter8
1
Aggregate Expenditu reand Equilibriu mOutput 8.1
The
1
M ul ti pl e C 1)
h o i c e
TheMPC is A)
thechangein B)
consumptiondividedbythechangeinincome.
consumption C)
dividedbyincome.
thechangein
PrinciplesofMacroeconomics,9eTB1(Case/Fair/Oster) Chapter4
1
Demand and Supply Applicatio 4.1
n s
The
1
M ul ti pl e C 1)
h o i c e
Inthe
shortrun,itisnecessarytonon-pricerationagoodwhenever_exists. A)
excessdemand B)
excesssupply C)
asurplus D)
market
e
ECO 202-Davenport
Fall 2012
Quiz #3 ANSWER KEY
Part I: Multiple Choice (choose the BEST answer and show all work.)
Name_
1. Which of the following is NOT a form of price discrimination?
A.
B.
C.
D.
Buyers with different elasticities m
The charging a custo
PrinciplesofMacroeconomics,9eTB1(Case/Fair/Oster) Chapter10
1
TheMoney Supplyand theFederal Reserve System 10.1
An
1
M ul ti pl e C 1)
h o i c e
Moneyis A)
thesameas B)
income.
anythingthatis generallyacceptedasamediumofexchange. C)
thevalueofall coinsan
PrinciplesofMacroeconomics,9eTB1(Case/Fair/Oster) Chapter2
1
The Economic Problem: Scarcity andChoice 2.1
Scar
1
M ul ti pl e C 1)
h o i c e
The
processbywhichresourcesaretransformedintousefulformsis A)
capitalization. B)
consumption. C)
production. D)
a
142-C97
Rev. 11/10/00
Tijuana Bronze Machining
As time goes by, it becomes clear to me that our competitors are crazy. Pumps
are a major product in a big market for all of us, but with the prevailing price
cutting mentality no one will be able to sell pum
Irene Ladies Menajang
IIC/100613031
MICROECONOMICS
MISSING INFORMATION FROM ADVERTISEMENT
The advertisement is about the laptop/netbook products from HewlettPackard (HP). The missing information is they dont give the complete
specification about the produ
Irene Ladies Menajang
IIC / 100613031
MICROECONOMICS ASSIGNMENT
CHAPTER 11
2.Decide whether you agree or disagree and explain your answer.
c.Higher interest rates lead to more investment because those investments pay a higher return.
*I disagree because i