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ADAM SMITH (1723 -1790)
1750: Industrial Revolution
& the Wealth of Nations (1776)
1776: American Revolution
1789 -1799: French Revolution
The Scottish philosopher Adam Smith was a pioneer in the subject of political economy and is known
a problem in
which the variance of the residuals along a trend
line is not constant.
NOTE: the coefficient (~) .remains an unbiased
a problem in which
two independent variables in a model are
linear regresSion allOWS
you to analyze one vanaDl~S n:li:lUUllMlll-' W1Ul dllUUlC1
The method is to peIform a least-squares linear regression which mjnjmizes th,
sum of the squares of the deviations of the actual data points from the straight lint
The T-Files - "The Significance Is Out There"
1. Agent Scolder sets his standards
too low and married the wrong person.
2. Agent Moldy never marries because her standards were too high.
3. Agent Scolder wants to. determine the significance of the independ
Homework #2: Due Thursday, April 25, 2013
All students enrolled in this course are expected to adhere to the UT Arlington Honor
I pledge, on my honor, to uphold UT Arlingtons tradition of academic integrity, a
tradition that values h
By the end of this section, you
should be able to.
Define and calculate total cost, average cost,
and marginal cost.
Graphically depict the total cost, fixed costs
and variable cost curves.
Discuss the di
By the end of this Section, you
should be able to:
Define monopolies and discuss how they
Define and explain the types of
Find monopolies profit maximizing output
Notes 8/31 Economics (Macro)
10 Fundamental Principles of Economics
Scarcity is inescapable
Risk is unavoidable
Therefore, all persons must make choices.
People generally act in their own self-interest