Econ 233 Study guides, Class notes & Summaries

Starting with MCT of Ungrouped Data Let us have a look at some example of ungrouped data Arithmetic Mean Harmonic Mean Calculate the HM of: 1. 25, 65, 70, 55 Ans: 45.53 OR

Marks shall be awarded based on clarity, correctness and detail. Do a good job! a) The table below shows distribution of marks in a class of students. Marks 0-10 11-20 21-30 31-40 41-50 51-60 61-70 71-80 81-90 91-100 No. of students 11 16 25 50 12 45 29 10 15 40 Determine: i. Mean ii. Modal class iii. Median iv. Cumulative frequency of the median class v. Range vi. Variance vii. Standard Deviation viii. Quartile deviation ix. Interquartile Range x. Coefficient of Quartile Deviati...

AP Microeconomics Final Exam 1. Compare and contrast the behavior of a monopolist and a firm in a monopolistically competitive market. (50 points) A. Show a graphical analysis of each firm in the short run. Explain the differences. (16 points) Monopolist: There is a single seller in the market selling differentiated products. There is no competition and they set their price where MR=MC. Monopolistically Competitive: Here there are many sellers and buyers selling slightly differentiate...

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ECON 102 CH5 DECISION MAKING, LEARNING, CREATIVITY, AND ENTREPRENEURSHIP Multiple Choice Questions ( ch5) 31. The process by which managers respond to opportunities and threats facing their organization by analyzing options and taking actions is known as: A) brainstorming B) intuition C) decision making D) bounded rationality E) heuristics Answer: C Page: 219 Difficulty: Easy Learning Objective: 1 32. Managers make decisions when they are involved in which managerial function? A) Plann...

What is Dispersion? Classification of Measures of Dispersion Calculating Variance: Divide by n - 1, where n is the number of data points • A long time ago, statisticians just divided by n when calculating the variance of the sample. This gives you the average value of the squared deviation, which is a perfect match for the variance of that sample. • But remember, a sample is just an estimate of a larger population. If you took another random sample and made the same calculation, yo...

A loaf of bread cost $0.18 in 1955 and the CPI was 26.8. The CPI in 2013 was 233. The cost of a loaf of bread in 1955 using 2013 dollars would be? $0.02 $1.56 $1.80 $156.00 $1.56 If healthcare costs make up 8% of total consumer expenditures and they rise by 15% while the other components in the consumer price index remain constant, by how much will the price index rise? 1.2% 9.2% 15.0% 23.0% 1.2% If your boss calls you into her office and offers you a prom...

ECON 101 Final Exam A Part 1 of 1 - 99.99999 Points Question 1 of 20 4.45 Points The representative firm in a purely competitive industry: A.Will always earn a profit in the short run B.May earn either an economic profit or a loss in the long run C.Will always earn an economic profit in the long run D.Will earn an economic profit of zero in the long run Question 2 of 20 4.45 Points An example of a monopolistically competitive industry would be: A.Steel B.Soybe...