Name: ________________________ Class: ___________________ Date: __________ ID: B Econ 2350 Midterm Exam‚ July 13th‚ 2010 True/False (total 20 points; 1 point per question) Indicate whether the statement is true or false. Please mark 0 for False and 1 for True. ____ ____ ____ ____ ____ 1. If the price of leeks falls by $2 per pound‚ then the demand for leeks will rise by 10 pounds. Therefore we can conclude that the demand for leeks is elastic. 2. Marginal revenue is equal to price if the demand
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Grains are very important for a healthy diet. It is commonly consumed by people and is used for many foods. In the article the supply of grains‚ wheats‚ and soybeans were destroyed by a drought near the Black sea. So the agribusiness division would sell and transport these grains and oilseeds to those who demand it. Of course the demand for these grains from this division would increase because those who were in need of those crops near the Black Sea would turn to the imports of these grain. When
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LaTrisha Zackery Assignment 1 Complete the table (Table 1) below‚ then draw the following curves: Short-run average product (AP) curve; Short-run marginal product (MP) curve. Table showing the Average and Marginal product of labour for a hypothetical firm Amount of labour( units) | Amount of capital(No. of machines) | Output of parts(Q‚ hundreds of parts) | Average product (Q/L) | Marginal product(∆Q/∆L) | 0 | 5 | 0 | - | - | 1 | 5 | 49 | 49 | 49 | 2 | 5 | 132 | 66 | 83 | 3 | 5
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Ottmas Richards Econ545 – Project 1 1/25/18 Introduction: My neighbor Cindy wants to start a contracting business for installing solar panels (PV Modules). With the ever-growing popularity of ‘green efforts’ among households and businesses she has asked me for my advice before venturing into this industry. Cindy has heard of government incentives for installing solar panels. Cindy is motivated by the green efforts and wants to help reduce the pollution by utilizing a more environmentally
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Assignment 1 1. Looking at SCORE variable‚ the skewness is -0.0511422 and excess kurtosis is 0.208336. For the normal distribution‚ skewness is zero. Since the skewness for SCORE variable is negative‚ this indicates that the distribution is skewed to the left (the long tail will be in the negative direction). For the normal distribution‚ kurtosis is three. So K-3 measures excess kurtosis. Since the excess kurtosis for SCORE variable is positive‚ the distribution is leptokurtic (it has thick tails
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1. When comparing the composition of world trade in the early 20th century to the early 21st century‚ we find major compositional changes. These include a relative decline in trade in agricultural and primary-products (including raw materials). How would you explain this in terms of broad historical developments during this period? The typical composition of world production during this period experienced major changes. Focusing on today’s major industrial countries the industrial-employment composition
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Chapter 01 Three important ideas: People are rational. People respond to incentives. Optimal decisions are made at the margin. How an economy answers these questions: What goods and services will be produced? How will they be produced? Who will receive the goods and services? Role of models in economic analysis. Distinguish between microeconomics and macroeconomics. People must make choices as they try to attain their goals. The choices people make reflect the trade-offs made necessary
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Money and Banking: Exam Two Study Guide Bonds What is a bond? A promise or an agreement to make payments in the future‚ they are used by corporations and different branches of the government to borrow money. Bonds are used as a debt instrument What is a coupon bond? Can you calculate its coupon rate‚ coupon payment and its price? A very common bond where one makes annual coupon payments on the percentage of the bond’s face value A promise from the issuer of the bond‚ to make a series
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UNIVERSITY OF WISCONSIN - LA CROSSE NAME___________________________________ Department of Economics Eco 110 - Microeconomics and Public Policy Donna Anderson‚ Ph.D. Sample Final Exam: Note: Actual Final will be shorter SHOW YOUR WORK! ** points 1. Provide the best answer to the multiple choice questions on the scantron sheet 2. Answer the short answer questions on the test. 3. Your responses will be evaluated based on whether you answered the question and the quality of the response
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1. (5 pts)What is the Hecksher-Ohlin Theory of Comparative Advantage? This is a theory developed by two Swedish economists to explain how countries develop comparative advantage in certain areas rather than others. The model works as follows: 1) Assume every country‚ for the most part‚ has access to the same technology. 2) Still‚ factors of production are difficult to move across national boundaries. 3) It follows from (2) that factors of production are relatively bound by geography and national
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