Econ 2200 Midterm #1 fall 2011 Section I Answer Four of the following six questions. Each question is worth 5 points. a. What is the difference between the Income Effect and a Change in Income? b. True or False: The slope of the budget line represents the rate at which the consumer is willing to trade one good for another at any given bundle. Explain. c. An Engel curve can be both positively and negatively sloped‚ why does this happen? d. What do we mean by the term “Consumer Surplus”? e
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Opportunity cost of an activity (or goods) is equal to the best next alternative foregone. Although opportunity cost can be hard to quantify‚ the effect of opportunity cost is universal and very real on the individual level. In fact‚ this principle applies to all decisions‚ not just economic ones. Since the work of the Austrian economist Friedrich von Wieser‚ opportunity cost has been seen as the foundation of the marginal theory of value[citation needed]. Opportunity cost is one way to measure
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2012-The Year of Mathematics P.Bhattacharyya [pic] [pic] (GH Hardy ‚ Ramanujan and Littlewood) The great Indian mathematician Srinivasa Ramanujan was born on the 22nd of December 1887 in Erode‚ Tamilnadu. In a function held in the Centenary Hall of Madras University on the 26th of December 2011 marking the 125th birth anniversary of Srinivasa Ramanujan‚ the Prime Minister of India Dr. Manmohan Singh proclaimed: “Our
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Decline of the Greek Mathematics Historically‚ the Greek Mathematics had reached a high level in Greece and its colonies during the Hellenic era‚ beginning in the sixth century B.C.E. and ending in 476 C.E. when the barbarians invaded Rome. Although there were achievements made during the Roman Empire‚ the Greeks have had their best productive times before the Roman Empire – the end of third century B.C.E. Although there might be many reasons why the Greek mathematics decline‚ I think that the
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Chapter 3 Problem 60 Page 133 Dividend yield is the annual dividend per share a company pays divided by the current market price per share expressed as a percentage. A sample of 10 large companies provided the following dividend yield data (The Wall Street Journal‚ January 16‚ 2004). Company | Yield % | Company | Yield % | Altria Group | 5.0 | General Motors | 3.7 | American Express | 0.8 | JP Morgan Chase | 3.5 | Caterpillar | 1.8 | McDonald’s | 1.6 | Eastman Kodak | 1.9 | United Technology
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Question 1 Determine the slope for line 2x+12y-6=0 2x+12y=6 12y=-2x+6 y=-2x/12+6/12 y=-x/6+1/2 ∴m=-1/6 Find the slope of the required line‚ which is "m" (-1/6)("m" )=-1 (m)=6 Now‚ substitute m=6 into equation y=mx+c ‚i.e. y=6x+c. This line passed through point (2‚4). So‚ we substitute x=2‚y=4 into y=6x+c. 4=6(2)+c 4-12=c c=-8 ∴ The equation of the straight line that we are looking for is y=6x-8
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Macro Economic System and its Management. 1. Macro Economic Concerns: • Micro vs Macro Economics. • Major Building Blocks of Macro Economics: 1) AD & AS 2) Four Sectors: HHS‚ BS‚ GS & FTS 3) Two Markets: Commodity Market and Money Market. • Specific issues to be addressed in Macro Economics: o Rising Prices o Rising Unemployment o Falling GDP o Balance of Payments Crisis. • Tools of Macro Economic Policy and Management:
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CURTIN UNIVERSITY Department of Mathematics and Statistics Mathematics 103 MID-SEMESTER TEST Semester 1‚ 2013 INSTRUCTIONS: Answer all questions in the spaces provided. To obtain full marks for a question you must clearly show appropriate working. TIME ALLOWED: TOTAL MARKS: AIDS ALLOWED: 50 minutes. 50 1. 2. Scientific or Graphics Calculator. A4 Sheet of handwritten notes (both sides). Last Name: _______________________________________________________________ Given Name: _________
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Mathematics and religion are two very different concepts. Scientist and Theologians have had conflicts involving the two that are usually based off of an argument that encompasses logic versus faith. However‚ using reason‚ we can come to the conclusion that it is possible for both mathematics and reason to have many different similarities. Mathematics relies on reason and logic. Although Mathematics is based off of axioms that are rarely questioned‚ we still need to justify our methods and answers
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Dr. Kris De Jaegher Extra Material complementing Pindyck and Rubinfeld Chapter 2 Learning Objectives 1. Understand the meaning of demand and supply curves‚ and see how equilibrium is established; 2. Understand the meaning of the slope and intercepts of demand (and supply) curves; 3. Understand the difference between movements along demand and supply curves‚ and shifts of demand and supply curves; 4. Understand the effect of price ceilings and price floors; 5. Understand
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