PRACTICE FINAL EXAM - SOLUTION
SECTION A (25 MULTIPLE CHOICE QUESTIONS 2 MARKS EACH)
1. Perfectly competitive firms respond to changing market conditions by varying their
a. Price
b. Output
c. Advertising campaigns
d. Product quality
2. Firms in perfect c
ECON1194
PRICE AND
MARKET GROUP
ASSIGMENT
Monopolistically competitive market
S3580602 Tran Van Long
S3634970 Lam Yen Nhi
S3634103 Nguyen Tung Lam
S3634239 Nguyen Ha Phuong
S3618888 - Nguyen Hong Anh
Table of Contents
Question 1: [5 marks, Word limit: 400
MONOPOLY
Question 1:
Which of these following industries in Vietnam most closely approximates a monopoly
industry? Explain your answer by presenting the characteristics of the market you have
chosen, such as: number of firms, firm size, product differenti
RMIT University
Perfect competition
ECON1194: PRICE AND MARKETS
Group member :
Nguyen Xuan Phuong s3636652
Phung Minh Hieu s3618855
Nguyen Le Minh Khue s3575394
Pham Duy Dat s3557179
Group Assignment Prices & Markets, Sem 3 - 2016
Page 1
Contents
Question
HE_03B: Basic Probability
1) An analysis of personal loans at Geraldton Rural Bank revealed the following facts: 10% of
all personal loans are in default (D), 90% of all personal loans are not in default (D), 20% of
those in default are homeowners (H | D)
HE_04A: Discrete Distribution and Counting Rules
1) A dairy farmer estimates for the next year the farms cows will
produce about 25,000 gallons of milk. Because of variation in the
market price of milk and cost of feeding the cows, the profit per gallon
m
HE_03B_Solutions: Basic Probability
1) An analysis of personal loans at Geraldton Rural Bank revealed the following facts: 10% of
all personal loans are in default (D), 90% of all personal loans are not in default (D), 20% of
those in default are homeowne
HE_04A: Discrete Distribution and Counting Rules
1) A dairy farmer estimates for the next year the farms cows will produce about
25,000 gallons of milk. Because of variation in the market price of milk and
cost of feeding the cows, the profit per gallon m
HE_08C_Solutions: Hypothesis Testing
1. The owner of a petrol station wants to study petrol-purchasing habits by motorist at his station. He
selects a random sample of 60 motorist during a certain week with the following results:
Average amount petrol pu
HE_08B_Solutions: Hypothesis Testing
Test the hypothesis for the below two questions:
1. A manufacturer of flashlight batteries suspected that using bad quality materials caused a significant
decrease in the average life-time of the batteries which is cla
HE_05A Solutions Uniform Distribution (Chapter 6)
1. In an apartment building the waiting time for a lift is found to be uniformly
distributed between 0 and 3 minutes. What is the probability of waiting time
a. No more than a minute?
1 1
( 10 ) =
P(X 1) =
HE_09A: Simple and Multiple Regression - Solutions
Q1.
A financial analysis wants to find out if the Australian Stock Index ASX can be estimated using
a linear regression with the prices of the BHP stocks as explanatory variable. A random sample
of 104 pr
HE_05A Solutions Normal Distribution (Chapter 6)
1. For a medical study, a researcher wishes to select people in the middle 60% of the
population based on blood pressure. If the mean systolic blood pressure is 120 and
standard deviation 8, find the upper
HE_09B: Simple and Multiple Regression - Solutions
Q1.
The marketing manager of a large supermarket chain would like to determine the effect of the
shelf space on the sale of pet food. A random sample of 24 equal-sized stores is selected, with
the followi
HE_10A_Solutions: Time Series Forecasting and Index Numbers
(Index Numbers)
1. Using2002asthebaseyear,calculatethepriceindexforallthegivenyearsandinterprettheindex
numberforyear2005.
Year
Price
2000
452.00
2001
482.16
2002
512.65
2003
530.45
2004
515.87
2
HE_09C: Simple and Multiple Regression - Solutions
Q1.
Lean Body Mass (LBM) is an index used to measure the fitness of athletes. This index and a
number of physical characteristics were measured on a random sample of 202 Australian
athletes.
Table X.1 sho
HE_09B: Simple and Multiple Regression
Q1.
The marketing manager of a large supermarket chain would like to determine the effect of the
shelf space on the sale of pet food. A random sample of 24 equal-sized stores is selected, with
the following results:
HE_09C: Simple and Multiple Regression
Q1.
Lean Body Mass (LBM) is an index used to measure the fitness of athletes. This index and a
number of physical characteristics were measured on a random sample of 202 Australian
athletes.
Table X.1 shows the regre
HE_04B: Binomial Distribution
1) Phm Thnh Lngs mum likes Ph so much that in the last 30 days she served it 20 times for
breakfast. What is the probability that in the next ten days she will serve it at least 1 time, but at
most 8 times? First write down t
HE_10A: Time Series Forecasting and Index Numbers
(Time Series)
1. Use the following time-series data to answer the given questions:
Time Period
Value
1
272
2
312
3
585
4
638
5
591
6
660
7
717
8
865
9
1013
10
976
MA(3)
MA(5)
MA(5)
a. Smooth the data by us
HE_10A_Solutions: Time Series Forecasting and Index Numbers
(Time Series)
1. Use the following time-series data to answer the given questions:
a) Smooth the data by using the centred moving average of 3 time periods (Give the answer
as whole number)
b) Sm
HE_03A: Basic Probability
1. The probability of a 2 on a fair toss of a fair die is 1/6. This is an example of assigning
probabilities by the _ method.
A.
B.
C.
D.
subjective probability
relative frequency
classical probability
empirical probability
2. Tw
CE_09B: Simple and Multiple Regression
Q1. An agent for a residential real estate company in a large city would like to be able to predict the
monthly rental cost for apartments based on the size of the apartments as defined by squared
meter. A sample of
CE_09A: Simple Regression
Book Chapter 12: Simple Linear Regression
Sections: 12.1, 12.2, 12.3, 12.4, 12.5, 12.7 (excl. t-test for the Correlation Coefficient) (*)
(*) The F-test for Significance will be discussed more in detail in topic X (Chapter 13)
Q1
CE_09C: Multiple Regression - Solutions
Q1 A regression study about fuel consumption per capita (FuelC) (in 1000s of gal) in different states
in the USA was carried out using Income (1000$), MPC driven per capita per year (Miles) and
Miles (x1000) of Fede
CE_09C: Multiple Regression
Q1 A regression study about fuel consumption per capita (FuelC) (in 1000s of gal) in different states
in the USA was carried out using Income (1000$), MPC driven per capita per year (Miles) and
Miles (x1000) of Federal Highway
CE_09C: Multiple Regression
Q1 A regression study about fuel consumption per capita (FuelC) (in 1000s of gal) in different states
in the USA was carried out using Income (1000$), MPC driven per capita per year (Miles) and
Miles (x1000) of Federal Highway
CE 05B Solutions Normal Distribution (Chapter 6)
1. Calculate the following probabilities for given values of Z
a. P(Z 1.7) 1 0.9554 0.0446
b. P(Z 1.1) 0.1357
c. P(Z 1.5) 1 0.0668 0.9332
d. P(1.55 Z 1.93) 0.9732 0.9394 0.0338
e. P( 2.34 Z 0.16) 0.5636 0.0
CE_02B: Numerical Descriptive Statistics
1) A bottling company fills 100 cl volume bottles with soft drinks. An inspector takes a sample
of 20 bottles to measure the amount of the soft drink placed in the bottles. The result is given
in centilitres:
X: 95