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Section 1 Exploring Data
Measures of central tendency
Mean/average: Probably the key measure of central tendency
Median: Another important measure of central tendency
Median represents the midpoint of the d
Graphing Relationships Among More Than Two
When a relationship involves more than two
variables, we can plot the relationship between
two of the variables by holding other variables
constantby using ceteris paribus.
Ceteris paribus means if al
Econ 301 Assignment 4
The assignment is due in class on Monday, July 25th. Answer each of the following
questions. You must provide justification to receive marks. Students may collaborate in
solving the problems but must individually write up their answe
Econ 301 Spring 2016
The assignment is due in class on Monday, June 6th. Answer each of the following questions.
You must provide justification to receive marks. Students may collaborate in solving the
problems but must individually write up
You may use the space below to continue any other question that you have run out
of space answering. In this case, be sure to indicate clearly, in the original location
that the work continues here.
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Question 3 (12 marks).
Show that each of the following Home triples is satisﬁed under partial correctneﬁs.
Show all the needed details of your program annotation‘ and explicitly prove any implications
required by your annotation.
Chapter 8: Utility and Demand
! The choices you make as a buyer of goods and services is influenced by:
! Consumption Possibilities: all the things that you can afford to buy
! Budget line shows the limits of her consumption possibil
Production Possibilities Frontier (PPF): the boundary between those combinations of goods
and services than can be produced and those that cannot
-quantity of goods and services that we can produce are limited by both our available
Chapter 4: Elasticity
Price elasticity of demand: a units-free measure of the quantity demanded of a good
to a change in its price when all other influences on buying plans remain the same
-calculate the price of elasticity with this formula:
Price of ela
Chapter 15: Oligopoly
WHAT IS OLIGOPOLY?
!is a market structure in which
natural or legal barriers prevent the entry of new firms
a small number of firms compete
!Barriers to entry
!either natural or legal barriers to entry can create oligopoly
Chapter 14: Monopolistic Competition
!WHAT IS MONOPOLISTIC COMPETITION?
! monopolistic competition is a market structure in which:
A large number of firms compete
each firm pro dues a differentiated product
firms compete on product quality, price, and
Chapter 3: Demand and Supply
-a market is any arrangement that enables buyers and sellers to get info and to do
business with each other
-a market has two sides: buyers and sellers
-there are markets for goods such as apples and hiking boots, services suc
Chapter 10: Organizing Production
!THE FIRM AND ITS ECONOMIC PROBLEM
! A firm is an institution that hires factors of production and organizes them to produce to sell
!A firms goal
! is to maximize profit.
! If the firm fails, it is either eliminated or t
Chapter 9: Possibilities, Preferences, and Choices
! Household consumption choices are constrained by its income and the prices of the
goods and services available
! The budget line describes the limits to the households consum
!Resource Allocation Methods Chapter 5: Efficiency and Equity
!When a market allocates a scarce resource, people who get the resource are willing to pay
the market price
-sell your labour services in a market, and buy most of what you consume in markets