IU Fall 2016
E321 Intermediate Microeconomics
Midterm examination 1
Prof. Alexeev
Part 1. (3 points/question) Multiple-choice questions. You do not need to show your work.
1.1 If the nominal price of apples has increased by 10 percent over a year in which
Fall 2016
Prof. Alexeev
Homework assignment #7
1. Unlike a perfectly competitive firm, a monopolistically competitive firm:
a. makes zero economic profits in the short run.
b. caters to a large portion of the market.
c. does not face barriers to entry and
E321 - Intermediate Microeconomics
Homework assignment #1
1. Suppose the consumer price index was 100 in the year 2000 and 200 in the year 2010. If the
nominal price of apples has increased from 100 to 150 over this period, the real price of apples
has:
*
Fall 2016
Prof. Alexeev
Homework assignment #4
1. Which of the following correctly describes a production function?
a. A production function shows the minimum output that can be produced with given inputs.
b. A production function relates employment of in
IU Fall 2016
E321 Intermediate Microeconomics
Midterm examination 2
Prof. Alexeev
Part 1. (3 points/question) Multiple-choice questions. You do not need to show your work.
1.1. Negatively-sloped, straight-line indifference curves imply:
a. that one of the
IU Fall 2016
E321 Intermediate Microeconomics
Midterm examination 3
Prof. Alexeev
Part 1. (3 points/question) Multiple-choice questions. You do not need to show your work.
1. Which of the following statements is true of the relationship between marginal p
E321 - Intermediate Microeconomics
Homework assignment #2
1. The assumption of completeness of preferences states that _.
a. a consumer can rank all possible consumption bundles
b. consumers have consistent preferences
c. more of a good is always better
d
Fall 2016
Prof. Alexeev
Homework assignment #4
1. Which of the following correctly describes a production function?
a. A production function shows the minimum output that can be produced with given inputs.
b. A production function relates employment of in
Let me first remind you that a production function is a relationship between the amounts of
inputs (such as capital and labor) and maximum possible output using these inputs. Also, an
isoquant represents different combinations of inputs (capital and labor
Fall 2016
Prof. Alexeev
Homework assignment #5
1. The assumptions of perfect competition _.
a. are satisfied in most real-world markets
b. do not readily apply to most real-world markets
c. are hardly ever satisfied and therefore make the study of perfect
Homework assignment #2
1. The assumption of completeness of preferences states that _.
*a. a consumer can rank all possible consumption bundles
b. consumers have consistent preferences
c. more of a good is always better
d. consumers are rational when maki
Consumer Choice
Budget constraint and preferences
Introduction
We have reviewed the basics of supply and demand curves and their
shifts, but how can we explain in greater detail where these curves
are coming from?
Demand curves can be derived from consu
Fall 2016
Prof. Alexeev
Homework assignment #5
1. The assumptions of perfect competition _.
a. are satisfied in most real-world markets
b. do not readily apply to most real-world markets
c. are hardly ever satisfied and therefore make the study of perfect
Fall 2016
Prof. Alexeev
E321 - Homework assignment #3
1. In an effort to deter alcohol consumption by youths, raising the legal age for alcohol
consumption causes a _ the demand curve for alcohol, while raising the federal per unit
tax on alcohol would ca
Name
Data are the weights in pounds of each member of a former US Olympic Me
Weight
Auth
Beasley
Brown
Burden
Carlucci
Collins, D.
Collins, P.
Gales
Hall
Holland
Honebein
Jamieson
Kaehler
Klepacki
Koven
Mueller
Murphy
Murray
Peterson, M
Peterson, S
Pfaend
Species
Laughing Gull
Northern Gannet
American White Pelican
Magnificent Frigatebird
Cattle Egret
Brown Pelican
Unknown
Lesser Black-backed Gull
Other
Clapper Rail
Common Loon
Northern Cardinal
Sanderling
Green Heron
Glossy Ibis
Purple Martin
Snowy Egret
Two Variable Analysis
Tyler Smith
Indiana University
June 27, 2016
Relationships between two variables
Weve seen how to characterize a single variable. Now well
look at methods for characterizing the relationship between
two variables.
For quantitative d
E370 Problems
1.
Find a confidence interval for : assuming that each sample is from a normal population.
0 = 14, F = 4, n = 5, 90 percent confidence
a.
0 = 37, F = 5, n = 15, 99 percent confidence
b.
0 = 121, F = 15, n = 25, 95 percent confidence
c.
0 = 2
E370 - Statistical Analysis for Business and Economics
Formulas for Exam 1
The mean is given by:
N
1 X
=
Xi
N i=1
x=
1
xi
n i=1
n
X
The normal rule states that
(population)
68% of observations are within of
95% of observations are within 2 of
(sample)
Fundamental Distributions
Tyler Smith
Indiana University
July 8, 2016
A Fundamental Distinction
Distributions may be discrete or continuous. E.g. the
number of free throws made in a season vs. the consumer
price index from month to month.
Each discrete
Introduction and Math Review
Tyler Smith
Indiana University
June 21, 2016
Basic math tools
Statistics is complicated. We use math to make our lives
easier. Some of the basic tools well need are:
E370
Tyler Smith
2
Basic math tools
Statistics is complicate
Confidence Intervals
Tyler Smith
Indiana University
July 13, 2016
Inferential statistics
Wed like to know the parameters of distributions since
they are what characterize a distribution. But we rarely
ever know the parameters.
The best we can do is esti
Discrete Random Variables
Tyler Smith
Indiana University
July 5, 2016
Thinking probabilistically
To throw a total of 7 with a pair of dice, you have to get
a 1 and a 6, or a 2 and 5, or a 3 and a 4.
To throw a total of 6 with a pair of dice, you have to
Hypothesis Testing
Tyler Smith
Indiana University
July 19, 2016
Application
Typically, nurses at VA hospitals work one of 3 possible
daily shifts. At a VA hospital in Massachusetts, over the
period from September, 1994 through February, 1996, a
span of 5
E370 Practice Problems Answers
Write the set of hypotheses appropriate for the test with the notation used in the course.
1.
The EPA estimated that 20% of auto emission systems are tampered with. You believe this is not true.
H0: B = 0.20
H1: B 0.20
2.
Th
Exam #3 Sample Questions
Summer 2016
1.
Which of the following is FALSE?
a.
b.
c.
d.
2.
If you can reject a null hypothesis at the 99% significance level, you can always reject it at the
95% significance level.
Testing a null hypothesis via the p-value me
Tables and Graphs
Tyler Smith
Indiana University
June 22, 2016
What kind of data is there?
We will consider two broad catagories of data. The first is
qualitative
Qualitative Generally, the presence or absence of a
quality or characteristic in the observ
Descriptive Statistics
Tyler Smith
Indiana University
June 24, 2016
How should we summarize our data?
There are three major characteristics we might like to
measure for any frequency distribution
the central tendency of the distribution
the spread/dispe