1
The advantages of nuclear powered electrical energy are as follows; it generates
electricity which reduces amount of energy generated from other sources, lowers greenhouse
gas emissions, it offers less fuels that produces more energy thus save raw mater
Chapter 07 - Continuous Probability Distributions
Chapter 07
Continuous Probability Distributions
Fill in the Blank Questions
78. How is the expected value of a uniform distribution computed? _
_
7-1
Chapter 07 - Continuous Probability Distributions
Short
Chapter 09 - Estimation and Confidence Intervals
Chapter 09
Estimation and Confidence Intervals
True / False Questions
1. A point estimate is a single value used to estimate a population parameter.
TRUE
2. A point estimate is a range of values used to est
Chapter 08 - Sampling Methods and the Central Limit Theorem
Chapter 08
Sampling Methods and the Central Limit Theorem
1. Sampling a population is often necessary because the cost of studying all the items in the population is prohibitive.
TRUE
2. It is of
Chapter 07 - Continuous Probability Distributions
Chapter 07
Continuous Probability Distributions
True / False Questions
1. For any uniform probability distribution, the mean and standard deviation can be computed by knowing the maximum and
minimum values
Chapter 08 - Sampling Methods and the Central Limit Theorem
Chapter 08
Sampling Methods and the Central Limit Theorem
T
1. Sampling a population is often necessary because the cost of studying all the items in the
population is prohibitive.
True False
2.
Chapter 09 - Estimation and Confidence Intervals
Chapter 09
Estimation and Confidence Intervals
True / False Questions
1. A point estimate is a single value used to estimate a population parameter.
TRUE
2. A point estimate is a range of values used to est
Chapter 07 - Continuous Probability Distributions
Chapter 07
Continuous Probability Distributions
True / False Questions
1. For any uniform probability distribution, the mean and standard deviation can be computed by knowing the maximum and
minimum values
+ 1- Which of the following ways of avoiding the nuisance of mosquito bites provides the best
example of a public good?
A-A leisurely cruise to Australia
B-A can of mosquito repellant
C- The elimination of mosquito breeding grounds
D-Window screens and a
+ 21-
Positive externality:
A.
social cost curve lies to the LEFT of a supply (private cost)curve.
B.
social value curve lies to the RIGHT of demand (private benefit) curve.
C.
markets produce LARGER quantity than is socially desirable.
D.
markets produce
Factors of Production
Labor
Capital
The demand for a factor of production is a derived demand because it is derived from the demand for
the goods and services produced by the factor.
Ex:
If demand for pencil is increase, demand for wood or plactic also in
GDP is the market value of all find goods and services produced in a country in a given time period.
Market value => market prices
For example: 1 kg apple = 3 TL
1 TV = 1000 TL
Borders are important
German Firm in Turkey
= GDP +
GNP
Turkish worker in Ger
The firms depreciation is 1800
Aggregate expenditure in the economy in 2013 is $350 billion
GDP in this economy equals $ 1.156 billion
GDP (expenditure approach) is $ 3000
Depreciation is $ 300
Nominal GDP in 2010 is $ 5800
Nominal GDP in 2011 is $ 5025
N
Economic Inequality
Lorenz Curve
Cumulative Percentage of Income
Cumulative Percentage of HHs
If no equality, Gini = 0
If there is perfect inequality, Gini = 1
To Find Gini => A(E) / A(D)
Households => 100 People
Percentage
Cum.Percentage
Income => 1000 $
Gross Domestic Product is the market value of all the final goods and services produced within a
country in a given time period.
A bakery uses flour to produce bread. When calculatin GDP, we include only the value of the bread
sold in a store, because whe
40-Individuals who are willing to take risks, to bring the resources together and develop
new products, and start new businesses.
Human resources
Services
Resources
Entrepreneurs
41-All the things used in producing goods, services, buildings, ideas
Capita
Collective Bargaining
Labor unions negotiate employers to determine wages
Strike ( workers ) : To have better conditions, workers stop to working
Lockout ( employers ) : Employee says to workers : you can not work Firm refuses to operate its
plant and all
Externalities
An externality is a benefit or cost that arises from production and falls on someone other than the
producer or a cost or benefit that arises from consumer and falls on someone other than the
consumer.
Cost negative externality
Benefit posit
Problem Set 5
1. Consider a firm with a production function q= (63L+12L2-L3)K. Assume that the firm is in the
short run, therefore its capital level is fixed at K= .
a) At what level of L, the marginal productivity of labor is equal to the average product
ECON 201-Notes 10
Welfare and Government Interventions
WELFARE AND GOVERNMENT INTERVENTIONS
Welfare is defined as the summation of consumer surplus (CS) , producer surplus (PS) and tax
revenue of the government (T) . (if any tax is collected)
W = CS + PS
Problem Set 4
1. In general the demand for agricultural products are inelastic, so it is bigger than -1 (-1<e<0). Lets
assume that it is -0.5. Also assume that the price level of agricultural products is 5TL and people
consume 1000 unit of agricultural pr
Econ 201-Notes 4
Choice
CHOICE
We will put together the budget set and the theory of preferences in order to examine the
optimal choice of consumers. The economic model of consumer choice is that people choose
the best bundle they can afford. In other wor
Econ 201-Notes 5
From Choice to Demand
DEMAND FUNCTIONS AND COMPARATIVE STATICS
We will discuss that how people change their choices when conditions such as income or
prices change.
1
1
=
2
2
First recall that the consumer obtains her optimum bundle when
Econ 201-Notes 7
Production Theory
PRODUCTION THEORY
Owners of firms objective is to maximize profits
Max = R C
Revenue(R) = pq
Cost (C)
Assume that w is the price of labor and r is the price of capital. Therefore, cost is given by
= +
Production transf
Econ 201-Notes 6
Market Demand and Elasticities
MARKET DEMAND
Market demand is the horizontal summation of individual demands
Lets assume there are three individuals. (A, B, C)
A
q a
1
B
q a
2
q b
1
q b
2
Market
Demand
C
q c
1
q c
2
q M=q a + q b + q c
1
ECON 201- Notes 1
Basic Concepts and Budget Constraint
Economics: The study of the allocation of scarce resources among alternative uses.
Needs and wants are unlimited. The resources are, however, are scarce. The main question is
that how unlimited needs
Problem Set 6
1. A competitive firms short run total cost function is given by TC=q3-18q2+180q+180. If the
price of this firms product is 180,
a) What is the profit maximizing level of output (q*)?
b) What is TR, TC and at this product level?
c) What is A
Problem Set 4
1. In general the demand for agricultural products are inelastic, so it is bigger than -1 (-1<e<0). Lets
assume that it is -0.5. Also assume that the price level of agricultural products is 5TL and people
consume 1000 unit of agricultural pr
Problem Set 2
1. Consider an individual whose utility function is given by =101 2.
a) Find the equation for indifference curves for her.
b) Draw her indifference curve for the utility levels U=1000 and U=1200.
c) Find an expression for the slope of indiff
Problem Set 5
1. Consider a firm with a production function q= (63L+12L2-L3)K. Assume that the firm is in the
short run, therefore its capital level is fixed at K= .
a) At what level of L, the marginal productivity of labor is equal to the average product