ECO45 Choi Review Session for Final (1)
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Fall 2023 ECO 045 Sections 011/012 (Choi)
Review Session for the Final Exam
Sunday, December 9th
•
This review session will focus on the topics covered after the second midterm. Make sure to review the topics from the two midterms.
•
Office hours schedule: Monday, 3-4:30 PM, and Tuesday, 10-11:30 AM.
1. (Ch. 10 Supplementary Exercise #38) Supermarket Checkout Lane Design. Safegate Foods, Inc., is redesigning the checkout lanes in its supermarkets throughout the country and is considering two designs. Tests on customer checkout times conducted at two stores where the two new systems have been installed result in the following summary of the data.
Test at the .05 level of significance to determine whether the population mean checkout times of the two systems differ. Which system is preferred?
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class:
a. Formulate hypothesis so that, if the null hypothesis is rejected, we can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. Use α=.05 .
Finance Majors
Business Analytics Majors
Sample Size
110
30
Sample mean
48,537
55,317
Sample Std. Dev.
18,000
10,000
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class:
b. What is the value of the test statistic?
Finance Majors
Business Analytics Majors
Sample Size
110
30
Sample mean
48,537
55,317
Sample Std. Dev.
18,000
10,000
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class:
c. What is the p-value?
Finance Majors
Business Analytics Majors
Sample Size
110
30
Sample mean
48,537
55,317
Sample Std. Dev.
18,000
10,000
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class:
d. What is your conclusion?
Finance Majors
Business Analytics Majors
Sample Size
110
30
Sample mean
48,537
55,317
Sample Std. Dev.
18,000
10,000
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Extra exercises (3) [Compatibility Mode] - Word (Product Activation Failed)
References
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a. buyers will go elsewhere.
b. buyers will pay the higher price in the short run.
c. competitors will also raise their prices.
d. firms in the industry will exercise market power
9. If a firm in a competitive market doubles its number of units sold, total revenue for the firm will
a. more than double.
C. increase but by less than double.
d. may increase or decrease depending on the price elasticity of demand.
b. double.
Question 1.
The graph shows the cost structure of a
monopolistic firm. Use the graph to answer the
following questions.
a. What is the profit-maximizing output and price
level of monopolist?
MC
ATC…
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7
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6.
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Homework2 (1) [Compatibility Mode] Word
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Update now
2) You have the following information concerning the production of wheat and cloth in the
United States and the United Kingdom:
Labor Hours Required to Produce One Unit
United Kingdom United States
Wheat
1
Cloth
6.
5
a) What is the opportunity cost of producing a unit of wheat in the United Kingdom? In the
United States?
b) Which country has an absolute advantage in producing wheat? In producing cloth?
c) Which country has a comparative advantage in producing wheat? In producing cloth?
d) Which country should specialize in producing wheat? In producing cloth?
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Subject: Engineering Economics
List the "Ceteris Paripus" variables that affect demand and illustrate a shift in a Demand Curve. Now discuss how a change in each of these variables would lead to the shift you have illustrated in your drawing.
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Eileen is a hard-working college sophomore. One Sunday, she decides to work nonstop until she has answered 250 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
100
10:00 AM
175
11:00 AM
225
Noon
250
Use the table to answer the following questions.
The marginal, or additional, gain from Eileen’s second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Eileen’s fourth hour of work, from 11:00 AM to noon, is
problems.
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Please answer the question at the bottom about the four hours of study time.
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Subject :- Economics
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5. In an FEA simulation, you did a mesh independence study. The results were compared
with an experimental test and errors were plotted in Figure 7.
a) Is the mesh with 8000 elements fine enough, and why?
b) Is there another error source in the simulation and what type of errors could it be?
Page 3 of 6
ENGG20071 Industrial Design & Product Case Studies
Errors
60%
50%
40%
30%
20%
10%
0%
500
1000
2000
4000 8000
Figure 7 Errors plot against number of elements
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8 Write an anecdote (150-190 words) about a
situation when you had to complain. Use one of
these ideas or an idea of your own.
A product
a laptop that arrived damaged
⚫a pair of trainers that fell apart
A service
⚫ an awful meal
⚫a special treat that went wrong
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7- I want answer with steps of Critical Path Method urgently please. Many thanks
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8 Write an anecdote (150-190 words) about a
situation when you had to complain. Use one of
these ideas or an idea of your own.
A product
a laptop that arrived damaged
a pair of trainers that fell apart
A service
an awful meal
a special treat that went wrong
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Ginny is a hard-working college senior. One Sunday, she decides to work nonstop until she has answered 150 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
60
10:00 AM
105
11:00 AM
135
Noon
150
Use the table to answer the following questions.
The marginal, or additional, gain from Ginny’s second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Ginny’s fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant in Ginny’s math course gives her some advice. “Based on past experience,” the teaching assistant says, “working on 52.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…
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Engineering economics
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Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has answered 50 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
20
10:00 AM
35
11:00 AM
45
Noon
50
Use the table to answer the following questions.
The marginal, or additional, gain from Alex’s second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Alex’s fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant in Alex’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 7.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…
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Problem 3:complete parts A, B, and C using the graph.
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Question 1
Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity:
(a) People decide to have more children.
(b) A strike by steelworkers raises steel prices.
(c) Engineers develop new automated machinery for the production of minivans.
(d) The price of station wagons rises.
(e) A stock-market crash lowers people’s wealth
sub section (D) and (E)
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Teresa is a hard-working second-year university student. One Thursday, she decides to work nonstop until she has answered 100 practice problems for
her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired,
it takes her longer to solve each problem.
Time
8:00 AM
9:00 AM
10:00 AM
11:00 AM
Noon
Total Problems Answered
0
40
70
90
100
Use the table to answer the following questions.
The marginal, or additional, gain from Teresa's second hour of work, from 9:00 AM to 10:00 AM, is
The marginal gain from Teresa's fourth hour of work, from 11:00 AM to noon, is
problems.
problems.
Later, the teaching assistant in Teresa's physics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 35
problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover
the same number of pages during…
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Poornima is a hard-working college junior. One Saturday, she decides to work nonstop until she has
answered 100 practice problems for her math course. She starts work at 8:00 AM and uses a table
to keep track of her progress throughout the day. She notices that as she gets tired, it takes her
longer to solve each problem.
Time
Total Problems Answered
8:00 AM
9:00 AM
40
10:00 AM
70
11:00 AM
90
Noon
100
Use the table to answer the following questions.
The marginal, or additional, gain from Poornima's second hour of work, from 9:00 AM to 10:00 AM,
is
problems.
The marginal gain from Poornima's fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant in Poornima's math course gives her some advice. "Based on past
experience," the teaching assistant says, "working on 25 problems raises a student's exam score
by about the same amount as reading the textbook for 1 hour." For simplicity, assume students
always cover the same number of pages during each hour they…
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Raphael is a hard-working college junior. One Tuesday, he decides to work nonstop until he has answered 100 practice problems for his math course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
40
10:00 AM
70
11:00 AM
90
Noon
100
Use the table to answer the following questions.
The marginal, or additional, gain from Raphael’s first hour of work, from 8:00 AM to 9:00 AM, is _____ problems.
The marginal gain from Raphael’s third hour of work, from 10:00 AM to 11:00 AM, is _____ problems.
Later, the teaching assistant in Raphael’s math course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 25 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always…
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Question 7 (Breakeven Analysis)
You decided to sell Only coffee using Nespresso machine during Ramadan
The Nespresso Machine Cost is 3,000 SAR
Every cup of coffee required one brown sugar that cost 0.5 SAR, one disposable cup costs 1.5 SAR, and one coffee capsule costs 3 SAR
If you sell one coffee for 10 SAR
Option 1
Option 2
No Employee
Sales quantity = 1500 per month
Selling Price 10 SAR per coffee
One more Employee and his salary is 4000
Expected sales quantity = 2500 per month
Selling Price 10 SAR per coffee
What is the breakeven quantity?
What is the breakeven quantity?
What is the profit?
What is the profit?
Which option is better?
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5. A decision at the margin
Suppose that Darnell is a diligent hard-working second-year college student. One Wednesday, he decides to start the day by working through 300
practice problems to study for the econometrics class. Using a table to track his progress throughout the day, he notices that as the hours pass, it
takes him longer to solve the problems.
Time
Total Problems Solved
7:00 AM
0
8:00 AM
120
9:00 AM
210
10:00 AM
270
11:00 AM
300
Use the table to answer the following questions.
The marginal, or additional, gain from Riley's second hour spent working, from 8:00 AM to 9:00 AM, is
problems.
The marginal gain from Riley's fourth hour spent working, from 10:00 AM to 11:00 AM, is
problems.
The following week, Riley's econometrics faculty advisor gives her some advice. In all their years of teaching they claim to observe that working on
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- 6.arrow_forwardHomework2 (1) [Compatibility Mode] Word Ma: Mailings Q Tell me what you want to do Review View Help AABBCCI AaBbCcI AaBbC AaBbC AaBbCcD AaBbCcL I Normal 1 No Spac... Heading 1 Title Subtitle Subtle Em... Paragraph Styles e need to close some apps. Update now 2) You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom: Labor Hours Required to Produce One Unit United Kingdom United States Wheat 1 Cloth 6. 5 a) What is the opportunity cost of producing a unit of wheat in the United Kingdom? In the United States? b) Which country has an absolute advantage in producing wheat? In producing cloth? c) Which country has a comparative advantage in producing wheat? In producing cloth? d) Which country should specialize in producing wheat? In producing cloth?arrow_forwardSubject: Engineering Economics List the "Ceteris Paripus" variables that affect demand and illustrate a shift in a Demand Curve. Now discuss how a change in each of these variables would lead to the shift you have illustrated in your drawing.arrow_forward
- Eileen is a hard-working college sophomore. One Sunday, she decides to work nonstop until she has answered 250 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 100 10:00 AM 175 11:00 AM 225 Noon 250 Use the table to answer the following questions. The marginal, or additional, gain from Eileen’s second hour of work, from 9:00 AM to 10:00 AM, is problems. The marginal gain from Eileen’s fourth hour of work, from 11:00 AM to noon, is problems.arrow_forwardPlease answer the question at the bottom about the four hours of study time.arrow_forwardSubject :- Economicsarrow_forward
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