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Which of the following is a normative statement?
A.Economists often make normative statements.
B.Most economists make normative statements.
C.As the price of gasoline falls, consumers will buy more of it.
D.Economists should clarify their norma
Labour Market Economics
Answers to Review Questions: Topic C.2
1.
Firms often respond to decreases in demand by laying off some of their
workforce. However, some groups of workers are more likely to be laid
o
LABOUR MARKET ECONOMICS
WRQ ANSWERS: B.1
1. This is a neat and doable problem
a)
The intercept for the lower, right-hand side of the budget
constraint is $5,000. The intercept for the upper left-hand side
of
Labour Market Economics
Answers to Review Questions: Topic C.1 LR
1. "The provision of health services requires the labour of doctors and
nurses. If the wage rate of nurses increases, while doctors wages are
unchanged, the demand for
Labour Market Economics
Answers to Review Questions: Topic C1
1.
"The firm's demand schedule for labour is a negative function of the
wage because, as the firm uses more labour, it has to utilize poorer-
MEMORIAL UNIVERSITY OF NEWFOUNDLAND
DEPARTMENT OF ECONOMICS
ECON 2550: ASSIGNMENT
Please read the following instructions carefully:
1. Read the questions carefully. Show all your work clearly and in detail.
2. The assignment must be written in pen only. I
Memorial University of Newfoundland
Department of Economics
Economics 2550, Winter 2017
ECONOMIC STATISTICS AND DATA ANALYSIS
Instructor: Dr. Gubhinder Kundhi
Office: AA 3082
Email: [email protected]
Tel: (709) 864 8108
Class time and Venue: Monday, Tuesday
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Another orthodontist's office employees receive the following hourly wages, in dollars.
23.45
20.79
15.67
25.49
18.95
25.49
25.49
23.45
20.79
18.95
15.67
a. Using measures of central tendency, determi~e the
shape of
.
3-3.
a.
N
2>/ =234.19/11 . $21.29
Jl = l!LN
To compute the median, rank the observation.'> and find the middle value.
15.67 15.67 18.95 18.95 20.79 20.79 23.45 23.45 25.49 25.49 2.5.49
Median . $20.79
Mode 2S.49
Because the mean (21.29) is greater rhan
FORMULAE SHEET
Percentile Location Value
i=
P
(n + 1)
100
Interquartile range = Third Quartile - First Quartile
Box and Whisker Plot
LowerLimit = Q1 1.5(Q3 Q1 )
U pperLimit = Q3 + 1.5(Q3 Q1 )
Sample Mean
P
Xi
n
X=
Sample Variance
s2 =
P
2
(xi x)
,
n1
s2 =
Econ 2010 Tutorial #2
Coverage: Chapter 3 Demand, Supply and the Classical Marketplace
I. Multiple Choice Questions:
1. When a market is in equilibrium,:
A) no shortages exist.
B) quantity demanded equals quantity supplied.
C) a price is established that
Econ 2010 Tutorial #4
Coverage: Chapter 5 Welfare Economics, Externalities and Non-Classical Markets
I. Multiple Choice Questions:
1. The sum of the economic surpluses accruing to buyers and sellers is:
A) producer surplus.
B) deadweight loss.
C) total ec
Econ 2010 Tutorial # 6
Coverage: Chapter 8 Production and Costs
I. Multiple Choice Questions:
1. The distinction between the long run and the short run is that in the long run:
A) the opportunity costs of production are higher than in the short run.
B) so
Econ 2010 Tutorial #7
Coverage: Chapter 9 Perfect Competition
I. Multiple Choice Questions:
1. Assume that Farmer Dave produces lettuce and sells it in a perfectly competitive market. He is a price
taker in the market, and by this we mean that:
A) in orde
Econ 201 Tutorial #5
Coverage: Chapter 6.1-6.3 Consumer Choice and Demand Decisions
Part I: Multiple choice questions
1. What does the law of diminishing marginal utility state?
A) That the amount of additional utility increases as successive units of a p
Econ 2010 Tutorial #9
Coverage: Chapter 11 Imperfect Competition
I. Multiple Choice Questions:
1. All of the following statements are incorrect except:
A) A monopolist is a price taker.
B) Firms in a monopolistic competitive market have no control over th
Econ 2010 Tutorial #3
Coverage: Chapter 4 Elasticity
I. Multiple Choice Questions:
1. Suppose that the demand for widgets is price inelastic. We know that the absolute value for the price
elasticity coefficient is:
A) greater than one.
B) equal to one.
C)
Econ 2010 Tutorial #8
Coverage: Chapter 10 Monopoly
I. Multiple Choice Questions:
1. What is a natural monopoly?
A) A market where a single producer is able to produce at a lower cost than competing firms
could.
B) A monopoly created by government decree.
ECONOMICS 2010
Winter 2015
April 9, 2015
Instructor: A. Coffin
Name:
Student #:
FINAL EXAM
Economics 2010
Answer all of the following questions. Each has equal weight
1.
Economics is
2.
Firms in a perfectly competitive market have
influence over
market pr
Exam
Name
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Economics can best be described as 1)
A) the study of how to reduce inflation and unemployment.
B) the study of the use of scarce resources
LECTURE VII
INDEFINITE AND DEFINITE INTEGRALS. APPLICATIONS
Indefinite integrals
Assume that we given a derivative, f ( x) , of some function y f ( x) . For example, f ( x) 2 x .
We are interested in finding what the original function, y f ( x) , was. To
LECTURE VI
MAXIMIZING/MINIMIZING FUNCTIONS OF TWO VARIABLES.
CONSTRAINED MAXIMA AND MINIMA. APPLICATIONS
To recall, in the case of the function of one variable, such as for instance, y
demonstrate that this function at x
f ( x) , we can
x0 has:
a) a relat
LECTURE III
DIFFERENTIATION. APPLICATIONS
Let us consider the following function:
y
f ( x)
We might be interested in the effect of the changes in the independent variable, x, on the
dependent variable, y. As we know the slope is the ratio of the change in
LECTURE II
NONLINEAR FUNCTIONS. APPLICATIONS
In the previous lecture we discussed a linear demand curve in the form:
p=
c aq, a > 0
(2.1)
From the introductory microeconomics course we know that the total revenue function of a company is
TR = pq
Hence usi
LECTURE I
LINEAR MODELS: LINEAR FUNCTIONS, SLOPE, SIMULTENOUS LINEAR
EQUATIONS.APPLICATIONS.
1. Linear functions
There are three ways to describe the relationship between variables.
First, we can state that individuals savings (S) depend on his or her inc