Household Behavior
and Consumer Choice
Chapter 6
1
HOUSEHOLD BEHAVIOR AND
CONSUMER CHOICE
2
HOUSEHOLD BEHAVIOR AND
CONSUMER CHOICE
Understanding the Microeconomy and the Role of Government
3
HOUSEHOLD BEHAVIOR AND
CONSUMER CHOICE
Assumptions (1/3)
perfec
Instructor: Nahid Farnaz (Nhn)
Practice Questions for BUS173
(Chapter: 7)
Ex. 7.5
Given a population with mean = 100 and variance 2 = 81, the central limit applies
when the sample size n 25. A random sample of size n = 25 is obtained. Includ
ECO240 Statistics II Homework Questions for Chapter 6 [Distribution of Sample Statistics]
Note: Question numbers are from 7th edition.
Q1 (6.1). Suppose that you toss a pair of dice and write down the value of the faces from each
die.
a. What is the popul
CHAPTER
5
Normal Probability
Distributions
5.1 Introduction to
Normal Distributions
and the Standard
Normal Distribution
5.2 Normal Distributions:
Finding Probabilities
5.3 Normal Distributions:
Finding Values
Case Study
5.4 Sampling
Distributions and the
PRACTICE QUESTIONS AND ANSWERS
1) Consider the following data:
17
62
15
65
28
51
24
65
39
41
35
15
39
32
36
37
40
21
44
37
59
13
44
56
12
54
64
59
a) Construct a frequency distribution.
b) Draw a histogram (frequency distribution graph).
2) Ten economists
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Interna
ASSIGNMENT Chapter 6
Statistical Methods
NAME:
M&S 284, 2295-297, 298-300
6.5 (5 points) Consider the population described by the probability distribution shown
here:
x
1
2
3
4
5
p (x)
0.2
0.3
0.2
0.2
0.1
The random variable x is observed twice. If theses
The Pennsylvania State University
Department of Economics
Econ 390, Section 101, Summer 2007
Homework Assignment # 3
Solution
Problem 1
Insurance company has 1500 clients - truck drivers. Each client is insured against a car accident. Probability that an
Oil Price Shocks and the Economy
Mine K. Ycel
Federal Reserve Bank of Dallas
Forum on U.S. Energy Security
Traditional and Emerging Challenges
January 28, 2002
Resources for the Future, Washington DC
Oil Price Shocks
and the Economy
Do oil price shocks a
Oil Price Shocks and the Economy
Mine K. Ycel
Federal Reserve Bank of Dallas
Forum on U.S. Energy Security
Traditional and Emerging Challenges
January 28, 2002
Resources for the Future, Washington DC
Oil Price Shocks
and the Economy
Do oil price shocks a
2014 - 2015 Spring Semester Final-Resit Examination Timetable
IMPORTANT NOTICE: FOR DIFFERENT DEPARTMENTS, EXAMINATIONS OF THE COURSES HAVING THE SAME COURSE CODES MAY TAKE PLACE AT
DIFFERENT TIMES AND DIFFERENT LOCATIONS. MAKE SURE TO CHECK YOUR INSTRUCT
ECO239
HW 6 Continuous Random Variables and Probability Distributions
Q1. Given X~U(0, 2),
a. Draw the probability density function.
b. Find the probability that the random variable X is between 1.4 and 1.8
c. Find the probability that the random variable
Review
1) Candidates for employment at a city re department are required to take a written aptitude test. Scores on
this test are normally distributed with mean 280 and standard deviation 60. A random sample of nine test scores was
taken.
a) What is the p
EF 507
PS-Chapter 7
FALL 2008
1. In a recent survey of college professors, it was found that the average amount of
money spent on entertainment each week was normally distributed with a mean of
$95.25 and a standard deviation of $27.32. What is the probab
EF 507
PS-Chapter 6
FALL 2008
QUESTIONS 1 THROUGH 4 ARE BASED ON THE FOLLOWING
INFORMATION:
The amount of time you have to wait at a particular stoplight is uniformly distributed
between zero and two minutes.
1.
What is the probability that you have to wa
UNIVERSITY OF VICTORIA
Midterm
June 2014
Solutions
NAME: _
STUDENT NUMBER: V00_
Course Name & No.
Section(s)
Inferential Statistics
Economics 246
A01
CRN:
31175
Instructor:
Betty Johnson
Duration:
1hour 50 minutes
This exam has a total of _8_ pages includ
1
Social Studies 201
Answers to Problem Set 4
November 15, 2006
1. Number of close friends by age
(a)
i. The probability of selecting a person of age 45-54 is 0.355.
P (age 45-54) =
N (45 54)
173
=
= 0.355
N
487
ii. The probability of selecting a person w
ECO 261 Summer 2013
Problem Set-5
1) When a production process is operating correctly, the number of units produced per hour has a normal distribution with a mean 92.0 and standard deviation 3.6. A random sample of four dierent hours was taken.
a) Find th
DOKUZ EYLL UNIVERSITY FACULTY OF BUSINESS
COURSE SYLLABUS
10/13/2011
Offered by
Department of Economics
Course Status
Offered to
MAN
ECN
IRL
THM
IBT
Compulsory
Offered to
MAN
ECN
IRL
THM
IBT
Elective
Course Title
Economics I
Course Level
Undergraduate / F
Monopoly
and Antitrust Policy
Chapter 13
1
IMPERFECT COMPETITION
AND MARKET POWER
imperfectly competitive industry An industry in which
single firms have some control over the price of their
output.
market power An imperfectly competitive firms ability
to
Long-Run Costs
and Output Decisions
Chapter 9
1
LONG-RUN COSTS AND
OUTPUT DECISIONS
We
begin our discussion of the long run by
looking at firms in three short-run
circumstances:
firms earning economic profits,
firms suffering economic losses but continui
Short-Run Costs
and Output Decisions
Chapter 8
1
SHORT-RUN COSTS AND
OUTPUT DECISIONS
You have seen that firms in perfectly competitive
industries make three specific decisions.
DECISIONS
are based on
INFORMATION
1. The quantity of output to
supply
1. The
The Production Process:
The Behavior of
Profit-Maximizing Firms
Chapter 7
1
THE PRODUCTION PROCESS:
THE BEHAVIOR OF PROFITMAXIMIZING FIRMS
production
The process by which inputs are
combined, transformed, and turned into
outputs.
firm
An organization th
Elasticity
Chapter 5
1
ELASTICITY
elasticity
A general concept used to
quantify the response in one variable when
another variable changes.
%A
elasticity of A with respect to B =
%B
2
PRICE ELASTICITY OF DEMAND
SLOPE AND ELASTICITY
Slope Is Not a Useful