OPMT 1130 Business Statistics
Myra Andrews Winter 2009
Review for Midterm
Review Exercises-OPMT 1130 Midterm pages 16-6 to 16-12
The detailed answer key is in Shareout: OPMT 1130/Myra Andrews
Information about the Midterm
90 minutes long - worth 90 ma
OPMT 1130 Business Statistics
Myra Andrews, Stephen Reid Winter 2012
Review for Midterm
Review Questions See the handout in Shareout called Midterm Exercises. *A detailed answer key is in Shareout OPMT/1130/Myra Andrews Information about the Midterm Base
Stat 1181 Notes: Unit #5 Normal Distributions and Calculations
A density curve is simply a curve (or function) where the area under the curve (and above the x-axis) is
always one or 100%.
A Normal density curve or simply Normal curv
Stat 1181 Notes: Unit #7 Regression Analysis
When there is a significant linear correlation between the two numerical variables, it makes perfect
sense to ask how much the dependent variable would vary over (different values of) the i
Skip the appendix
1) Total and Marginal Utility
The satisfaction a consumer receives from consuming some commodity
Total Utility (TU)
The total satisfaction resulting from consumption of a given commodity by a
DEMAND, SUPPLY, THE DETERMINATION OF PRICE EQUILIBRIUM
CHANGES IN MARKET PRICES, ALGEBRA OF MARKET EQUILIBRIUM
This is the standard model of price (P) determination for competitive markets
Many buyers & sellers
Econ 1220, Chapters 1 & 2
Do the following of the textbooks end-of-chapters questions:
- For chapter 1 do all of them except 16 & 18.
- For chapter 2 skip 6, 7 and 8.
1) Which of the following best describes the study of economics?
Principles of Microeconomics
Econ 1220 Lecture Notes
Chapter 1 & 2, page 1
SECTIONS 1.1, 1.2 & 2.1 (ONLY)
1) INTRODUCTORY DEFINITIONS AND CONCEPTS
2) RESOURCES AND THE COST TO USE THEM
3) THE PRODUCTION POSSIBILIT
1) ECON PROFIT AS A GUIDE FOR DECISION MAKING
2) PRODUCTION IN THE SHORT RUN
3) COSTS IN THE SHORT RUN
1) Econ Profit as a Guide for Decision Making
Production functions: Q = f(L,K)
Examine the relationship between t
1) THE LR COST MINIMIZATION CONDITION
2) COSTS IN THE LONG RUN
Skip the Section 8.2
1) The LR Cost Minimization Condition (p.165)
In the long run, all inputs are variable
Firms strive for both technical efficiency and
1) CONTROLS ON PRICES
2) CONTROLS ON QUANTITY
3) AN INTRODUCTION TO MARKET EFFICIENCY
1A. Regulating Higher Prices
is a legal minimum on the price at which
a good can be sold
If set above equilibrium (i.e. Binding)
1) PRICE ELASTICITY OF DEMAND
2) INCOME ELASTICITY OF DEMAND
3) CROSS ELASTICITY OF DEMAND
4) PRICE ELASTICITY OF SUPPLY
1) Price elasticity of demand
measures this responsiveness of QD to a change in price
Econ 1220, Chapter 3
1) The time period to which quantity demanded refers when constructing demand curves is
A) a moment in time.
B) a long period of time.
C) one year.
D) any specified time period.
E) a period shorter than one year.
Stat 1181 Notes: Unit #13 Probability II
Mutually Exclusive Events
Two events are said to be mutually exclusive or disjoint when (1) they do not share common outcomes,
or (2) they cannot happen at the same time.
Because the two events cannot happen at t
Stat 1181 Notes: Unit #10 Sampling Methods and Data Collection II
From last unit, we have learned that simple random sampling method was the best in general but it was
hard to pull off.
At the other end, convenience sampling method was not tru
Stat 1181 Notes: Unit #8 Chi-Square Analysis
The chi-square analysis is used to investigate the relationship between two categorical variables.
It could also be used to analyze one categorical variable and one numerical variable, whe
Stat 1181 Notes: Unit #9 Sampling Methods and Data Collection I
Sampling Plan vs. Data Collection
In this and the next module, we will look at two difference phases of sampling.
Sampling plan includes determining which subjects to draw in the sample.
Lecture 11: Poisson Probability Distribution
Examples where it applies: 1. The number of car accidents in the lower mainland per day. 2. The number of spam emails that a computer user will receive per week. 3. The number of phone calls to a call center pe
OPMT 1130 Review exercises
Review Exercises Midterm 1. An investor bought a total of 1,000 shares of QT Resources. In January, he purchased 300 shares and paid $10.00 per share, in February he purchased 200 shares at $11.00/share. He bought the rest of th
Midterm Review Lecture 1. A class of 25 students took a statistics test. 10 students had an average mark of 72. The other students had an average mark of 65. What is the average mark of the whole class? 2. The uncertainty is the stock market has led Sam t
FMGT3550 December 2012 Final Exam Formula Sheet Yield to maturity K d = Yield (1 T) preferred stock K p = Dp Pp K p =Dp /( P p F)
K p =[Dp / P p ]/(1 F) Dividendgrowth model
Profitability Index = PI = PV (Cash Inflows) PV (Cash Outflows)
Learning Objectives At the end of this session you should be able to: 1. Distinguish between the private and social costs of congestion. 2. Explain why marginal and average costs rise with congestion. 3. Illustrate how a congestion to
Learning Objectives After this session you should be able to: 1. Explain with the highway-widening example why it is difficult to measure net social benefit. 2. List the steps of Cost Benefit Analysis (CBA). 3. Differentiate between a
Learning Objectives At the end of this session you should be able to: 1. State the arguments and counterarguments of price and entry regulation of an industry. 2. Explain why firms would want to be regulated. 3. Illustrate how the ind
Stat 1181 Notes: Unit #1 Introduction to Statistics
What we do in (the discipline of) Statistics?
Statistics starts with an idea or a question like I wonder if my hypothesis was right, or I wonder if
these two things were related etc.
We will not need s
Stat 1181 Notes: Unit #2 Displaying Univariate Data using Graphs
For the next few units, let us assume that we have collected a very good data set. We will come back
and talk about how to get one later.
But now what should we do with the
Stat 1181 Notes: Unit #3 Summarizing Univariate Data using Statistics
Summarizing a Single Numerical Variable Using Statistics
In numerical settings, we could use many more statistics because of the nature of the responses in
There are three se
Stat 1181 Notes: Unit #6 Correlation Analysis
Correlation Analysis and Regression Analysis
In this and the next units, we will investigate the relation between two numerical variables.
From previous units, we know that there are two uses of variables in
Stat 1181 Notes: Unit #4 Summarizing Univariate Data using Statistics II
Description of Statistics
Besides calculation, we also need to be able to express what a statistic is (description) and what it
One thing to keep in mi