EXERCISES FOR MICROECONOMICS TOPIC 1 Economics: An Introduction (Chapters 1 & 2 in the Textbook) EXPLAIN THE FOLLOWINGTERMS ◎ Average benefit ◎ Average cost ◎ Economic surplus ◎ Economics ◎ Microeconomics ◎ Macroeconomics ◎ Marginal benefit ◎ Marginal cost ◎ Normative economics ◎ Positive economics ◎ Rational person ◎ Sunk cost ◎ Opportunity cost ◎ Absolute advantage ◎ Comparative advantage ◎ Attainable point ◎ Unattainable point ◎ Efficient point ◎ Inefficient
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Q1. (a) ‘Statistics is the backbone of decision-making’. Comment. Ans.(a) Due to advanced communication network‚ rapid changes in consumer behavior‚ varied expectations of variety of consumers and new market openings‚ modern managers have a difficult task of making quick and appropriate decisions. Therefore‚ there is a need for them to depend more upon quantitative techniques like mathematical models‚ statistics‚ operations research and econometrics. Decision making is a key part of our day-to-day
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corporate treasurers‚ fund managers or financial institutions‚ they are all exposed to a certain market risks while carrying out their daily trading activities. There is a possibility that the institution makes a blunder in forecasting the future value of its trade and this may lead to major losses that have to be incurred by the institution. The exact number of this loss that the institution might bear is unknown and this had bothered many regulators with the fear of major banks going bankrupt‚
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Descriptive and Inferential Statistics Greg Hagen‚ Jean Parker‚ Jade Riley‚ Nanika Woods‚ Myron Hamilton‚ Tajah Gutierrez‚ Treva Eley PSY/315 June 9‚ 2012 Nancy A. Walker Descriptive and Inferential Statistics Statistics is a vital part of the psychological field as the analysis of statistics provides researchers with a means of both describing the results of research and surmising from those results‚ as well as drawing conclusions related to a hypothesis. Statistics gives a better understanding
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1 Statistics plays a vital role in almost every facet of human life. Describe the functions of Statistics.Explain the applications of statistics. Meaning of statistics Functions of statistics Applications of statistics. Ans:Statistics plays an important role in almost every facet of human life. In business context‚ managers are required to justify decisions on the basis of data. They need statistical models to support these decisions. Statistical skills enable managers to collect‚ analyse and
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NAME: SHU ZHAOHUI ID: 17329164 Q5. Descriptive Statistics | | N | Minimum | Maximum | Mean | Std. Deviation | Skewness | | Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | Std. Error | Gasolinescore | 1000 | 3.00 | 21.00 | 14.9090 | 4.83654 | -.493 | .077 | Globalscore | 1000 | 3.00 | 21.00 | 17.0490 | 3.78774 | -1.073 | .077 | Valid N (listwise) | 1000 | | | | | | | The mean in the gaslinescore and globalscore stand for the average the respondents choose is
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Wright has a strong concern for the importance of the human relationship with nature as well as the need for a sense of continuity in time Judith Wright’s poetry evokes a deep sense of the importance of human relationships with nature. Through her constant use of organic‚ fruitful imagery she conveys the intrinsic importance she places upon connections and the need for a sense of continuity in time. The process of natural creation is one which Wright espouses through her references to the “seed”
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Research and Statistics in Psychology Tracy Charles PSY/315 October 14‚ 2012 Jennifer Slothower Research and Statistics in Psychology Psychologist need to adhere to scientific research methods when doing a study “the scientific method requires systematic observation and a willingness to modify understanding based on these observations” (Cloninger et al.‚ 2008). This method involves careful observation and collection of data to rule out theories that are not valid. “Scientific
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you are still being active If you have that capacity and your opponent does not then you can out compete your component These ideas should dictate how you train for your sport Athlete constantly changing intensity – have to practice that type of exercise If you train only how you perform you are going to limit your potential and your performance 2. Can you alter your CV System‚ increase stroke volume‚ to alter the window in the time line discussed? I.e.‚ pick up portions sooner or make portions
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1. The three components of leadership are: 1.) influencing others‚ 2.) providing direction‚ and: ***getting voluntary acceptance 2. Comparing an organization’s strengths and weaknesses with its competitors is part of: PG 435 Not Self Assessment ***Competitor Analysis 3. Staff scheduling using information technology is only applicable to large organizations. ***False 4. When compared to public relations‚ marketing is: PG 430 Not Broader in scope 5. Which of the following types of
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