ASSIGNMENT 4
MICRO
DUE DATE WEDNESDAY 05 2016
1.When individuals come together to buy and sell goods and services, they form a(n)
a. economy
b. market
c. production possibilities frontier
d. supply curve
e. demand curve
ANS: B
2.Which of the following sta
ASSIGNMENT 5
DEMAND AND SUPPLY
DUE DATE : OCT 21 2016
1.Consider the market for ground beef represented by Figure 3-12, which is initially in equilibrium at point J.
Assume that ground beef is an inferior good. Which of the following could explain a movem
PRINCIPLES OF MICROECONOMICS
demand
ASSIGNMENT 6 : Price elasticity of
BEREA COLLEGE
DUE DATE : Nov 2 2016
1.The price elasticity of demand measures the responsiveness of quantity demanded to
changes in price.
a. True
b. False
2Another term that could be
ASSIGNMENT 2
MICRO
DUE DATE : FRID, SEPT 16 2014
1.When opportunity costs rise as more of a good is consumed, the production
possibilities frontier will be concave (bowed out) with respect to the origin.
a. True
b. False
2.By better utilizing existing res
PRINCIPLES OF MICROECONOMICS
ASSIGNMENT 7 : Price elasticity of demand
BEREA COLLEGE
DUE DATE : Nov 7 2016
1.For which of the following is demand likely to be the most price elastic?
a. a good for which there are no close substitutes
b. a good for which t
ASSIGNMENT 9
MICRO
BEREA
COLLEGE
DUE DATE : NOVEMBER 30, 2016
1.The minimum points of the average variable cost and average total cost curves occur where
a. the marginal cost curve lies below the average variable cost and average total cost curves
b. the
ASSIGNMENT 8
DUE DATE: FRIDAY
MICRO
BEREA COLLEGE
NOV 11, 2016
1.A firm's profit is
a. greater if it is a corporation rather than if it is a sole proprietorship
b. higher if it raises its price than if it does not
c. lower if it lowers its price than if i
ASSIGNMENT 9
MICRO
BEREA
COLLEGE
DUE DATE : NOVEMBER 30, 2016
1.The minimum points of the average variable cost and average total cost curves occur where
a. the marginal cost curve lies below the average variable cost and average total cost curves
b. the
ASSIGNMENT # : EXTRA CREDIT
DUE DATE: FRIDAY DEC 9, 2016
TOPIC : MARKET STRUCTURE
1.Which of the following factors would be the most useful in determining the structure of a market?
a. the number of firms in the market
b. the price of the product sold in
Name: Phuong Pham
Date: 8/1/2016
Class: ECO 102
Prof: Dr Cupidon
ECO 102 ASSIGNMENT 1
DUE DATE MONDAY SEPTEMBER 5, 2016
1.Economics is the study of choice under conditions of
a. demand
b. supply
c. scarcity
d. opportunity
e. abundance
2.The study of econo
ECO250
Han Chann Makara
Spring 2016
HW#9
Due Thursday, March 17th
1) You are one of 6 students in my class of 20 students that cheated. There is a very accurate test to find
cheaters, which is never wrong, but unfortunately very expensive so I can test on
FIRST MIDTERM SOLUTION FALL2013
Question 1 (30 points)
Good grades are a recipe for financial success in life. The chance that a Berea College student graduates
with a GPA above 3.5 is 30%. If a Berea College student graduates with a GPA above 3.5, the ch
ECO250
SPRING 2017
HW#6 Due Tuesday, February 14th
Haylie Prottsman
1) Some questions about the football betting that we do.
a) What is the chance that you will pick all 10 games correctly next week?
a. P(all games correct)= .5*.5*.*.5=.5^10= 1/1024
b) Th
ECO250
SPRING 2017
HW#4 - SOLUTION
1) Assume you pick 2 Gummy bears that come out of an indefinitely big bag of gummy bears that consists of
20% White, 20% red, 20% Yellow, 20% orange and 20% green gummy bears
a) Draw the sample space for this experiment
Fall 2014
ECO250
SOLUTION
Question 1 (30 points)
Of the 500 firms in the S&P500, 80% made a profit last year. The chance that a S&P500 firm that made
a profit is headquartered in the South is 10%. 2/3 of the southern S&P500 firms made a profit.
Profit (PR
2/21/2012
ECO250
Volker Grzimek
FIRST MIDTERM
SOLUTION
Question 1 (30 points)
Suddenly a bear jumps in front of my car and I jerk the steering wheel around trying to avoid him. I
could die from hitting him or from losing control over the car. There is a 5
ECO250
Volker Grzimek
HW#1, SOLUTION KEY
1) Out of last semesters class survey a random sample of 10 students reported the following number
of hours as their average study time before an exam: 3, 9, 8, 10, 7, 5, 12, 15, 6, 5.
a) Mode = 5, the only value t
ECO250
Volker Grzimek
HW#2- SOLUTION
1)
Out of last semesters class survey a random sample of 10 students reported the following number of hours
as their average study time before an exam: 3, 9, 8, 10, 7, 5, 12, 15, 6, 5.
a)
Compute the sample standard de
ECO250
SPRING 2017
HW#6 SOLUTION
1) Some questions about the football betting that we do.
a) What is the chance that you will pick all 10 games correctly next week?
The spread makes it a 50/50 chance (even though I have the impression that some of you don
ECO250
SPRING 2017
HW#7 - SOLUTION
1) You know that HARIBO gummy bears are green, red, orange, white or yellow and that each color appears equally
often. If you draw 7 gummy bears,
a) What is the chance of not drawing any red or white one?
Each color gets
ECO250
SPRING 2016
HW#7
Due Thursday, March 24th in class
By Elshaday Yeshitila Yilma
1)
a)
b)
c)
d)
e)
f)
Z~N(0,1) pay attention to the minus signs!
P(Z < 0.43) = 66.64%
g) P(-1.99 < Z < -1.88) = 0.68
P(Z < -0.36) = 35.93%
h) P(Z < z) = 40%. z = -0.25
P(
ECO250
Spring 2016
HW#8
Due on Tuesday, March 15th
By Elshaday Yilma
1) The a priori probabilities of you possible grade in the midterm are: A= 30%, B
= 20%, C = 20%, D = 20%, F = 10%. Translate the grades into the 4 point (GPA)
scale.
a) What is your exp
ECO250
Fall 2015
HW#4 B
Solution
1) In the German Bundesliga (professional soccer league), 18 clubs compete for 3 slots in the Champions
League and 3 slots in the UEFA Cup. Assume that a priori all 18 clubs are seen as equally good!
a) What is the chance
ECO250
Spring 2016
HW#5
Due Thursday, February 11th
1) If the chance that a blonde student is a female is 54% and the chance that a brunette student is
female is also 54%, what can we conclude about gender and hair color? Assume all students
are blondes o
ECO250
Spring 2016
HW#4
Due Tuesday, February 9th
1) Assume you pick two Gummy bears that come out of an infinitely large bag of gummy bears
that consists of 20% white, 20% red, 20% yellow, 20% orange and 20% green gummy bears.
a) Draw the sample space fo
ECO250
Han Chann Makara
Spring 2016
HW#9
Due Thursday, March 17th
1) You are one of 6 students in my class of 20 students that cheated. There is a very accurate test to find
cheaters, which is never wrong, but unfortunately very expensive so I can test on
ECO250
HW#1, due Thursday, January 21st
1) Out of last semesters class survey a random sample of 10 students reported the following number
of hours as their average study time before an exam: 3, 9, 8, 10, 7, 5, 12, 15, 6, 5.
a) Compute the mode
b) Compute
ECO250
Spring 2016
HW#5-SOLUTION
1) If the chance that a blonde student is a female is 54% and the chance that a brunette student is female is also 54%,
what can we conclude about gender and hair color? Assume all students are blondes or brunettes!
That h
ECO250
Spring 2016
HW#11
Due Tuesday, April 5th
1) The time it takes my students to finish the stats exam is UNIFORMLY distributed between 25 and 75
minutes.
a) What is the chance that a student finishes his exam in between 30 and 40 minutes?
Mean = (25+7