Resources for ECON 203 - Survey of Economics (American University of Beirut) on Previouses.com. ECON 203: 'Intermediate Microeconomics' Fall 2020 Department of Economics, University of Victoria Victoria, B.C., CANADA. Midterm #1- Version 1 - Solutions Midterm #1 - Version 2 Solutions Midterm version#3 - Solutions Quizzes in class- Solutions Other Interesting Links.
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Midterm exam 1 covers material from the beginning of the course:
Econ 203 Midterm Exam
The exam tests your conceptual, mathematical and graphical understanding of the material covered in this portion of the course.
Econ 203 Midterm Questions
Please review the content from the units covered before attempting the exam. The summary notes below are concise outlines of the main points covered in each session, but are presented only as a study aid in reviewing for the exam. They do not provide the in-depth knowledge needed to successfully complete the exam problems.
Once you are comfortable with the course content, complete the following practice exams. These exams are from Professor William Wheaton's course, 14.01 Principles of Microeconomics from Fall 2007, and are used with permission.
Exam Problems and Solutions
The exam should be completed in 2 hours. This is a closed book exam. You are not allowed to use notes, equation sheets, books or any other aids. Uno task chair.
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Exam 1 Study Guide
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Exam 1 Study Guide
This study guide covers all material on the midterm including test statistic and confidence interval information.
- Study Guide
- University of Illinois at Urbana, Champaign
- Econ 203 - Economic Statistics II
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ECON 203 1nd Edition Exam 1 Study Guide Lectures 1 11 Lecture 1 August 27 Syllabus Review Office Hours Room 116 David Kinley Hall Wed 10 15 11 15 Required Homework every week on compass Textbook paperback or online Projects and exams Everything is in notes package pages 1 5 Introduction to Economics 203 Statistics Without data ours is just another opinion Utilize data to conduct scientific analysis thereby informing judgment Tool Chest Objectives Describe a single population Compare two or more populations Analyze the relationship between two or more variables Forecast value Data types Quantitative data Qualitative data Time series data Cross sectional data Overview of Economics 203 Understand the relevance of statistics in future courses and work environments Built off of the basis of Economics 202 Homework On Aplia look at course packet for help Reference notes for clarification Office Hours helps Lecture 2 August 29 Confidence Interval Estimation Point estimates include u standard deviation s p etc Formulas Standard Error for Population Mean w Sigma known standard dev square root of n Population mean w Sigma unknown s square root of n Population Proportion square root of p 1 p n Margin of Error For Population Mean w Sigma known z or standard dev square root of n Get used to using the formula sheet in the back of the notes package so that when we have an exam you will be used to referring to that sheet Example on slide 26 of notes package Answer 1 a 90 a 10 a 2 05 95 1 a 95 a 05 a 2 025 Z 025 1 96 Example on slide 29 of notes package Answer n 70 s 24 000 average 856 000 standard dev 28 000 10 significance level 850000 861000 Rounding Always round n up e g calculate 84 2 up to 85 Example on slide 33 of notes package Answer n 49 standard deviation 78 average 32 6 It s a z distributing because the standard deviation is known 95 confidence interval 32 6 1 96 78 square root of 49 32 3816 32 8184 99 confidence interval 32 6 2 58 78 square root of 49 32 3125 32 8875 Lecture 3 September 3 Confidence Interval Estimation Point estimates include u standard deviation s p etc Formulas Standard Error For Population Mean w Sigma known standard dev square root of n Population mean w Sigma unknown s square root of n Population Proportion square root of p 1 p n Margin of Error For Population Mean w Sigma known z or standard dev square root of n Get used to using the formula sheet in the back of the notes package so that when we have an exam you will be used to referring to that sheet Example on slide 26 of notes package Answer 1 a 90 a 10 a 2 05 95 1 a 95 a 05 a 2 025 Z 025 1 96 Example on slide 29 of notes package Answer n 70 s 24 000 average 856 000 standard dev 28 000 10 significance level 850000 861000 Rounding Always round n up e g calculate 84 2 up to 85 Example on slide 33 of notes package Answer n 49 standard deviation 78 average 32 6 It s a z distributing because the standard deviation is known 95 confidence interval 32 6 1 96 78 square root of 49 32 3816 32 8184 99 confidence interval 32 6 2 58 78 square root of 49 32 3125 32 8875 Lecture 4 September 5 Aplia Homework 2 Hypothesis Testing Example 12 Relevant point estimate This variable is found by taking the number of customers who purchased the glass and divide it by the total 151 950 1589 159 Value of Test Statistic Use the z variable equation P 15 because that is the population standard Z p hat p sqrt p 1 p n Z 159 15 sqrt 15 85 950 7723 P value All tests about proportion use a z statistic so this test statistic follows a standard normal distribution In excel put NORMSDIST z This will return the area to the left of z NORMSDIST 7723 7800 1 7800 2200 Type I error conclusion Allowing for a 5 chance of error Which means that 95 of the experiment must be correct in order for the company to pursue this line of cartoon mugs Do not reject the null hypothesis and conclude that there is insufficient evidence that the special offer should be introduced The p value is not less than alpha 05 therefore conclude that there is insufficient evidence that the special offer should be introduced Lecture 5 September 8 Statistical Inference Single Population Variance Will always be one data set When to use variance Wanting to find consistence of a production Assessing risk of investment Transformation S 2 becomes X 2 through the formula n 1 s 2 standard dev 2 Takes us from sample distribution to standardized distribution Chi Squared Looks like X 2 Non negative distribution The number in the bottom right corner of chi squared is always on the right side of the distribution graph Example on slide 8 page 46 Do not reject null hypothesis because insufficient evidence to prove alternative P Value Always the area on the graph between chi squared and the end of the rejection region Example on slide 11 page 48 19 5 7 4 0 27 075 Chi squared 05 19 30 14353 Do not reject H0 Insufficient evidence Lecture 6 September 10 Statistical Inference Two Population Mean Proportion Variance Single Population X Does Obama have majority support Is this stock risky Case 1 The two population variance values are known pg 52 Facts about paragraph 1 Of independent population 2 formula Previous studies we know this is true Since standard deviations are known then the variance is also known Since there is no matching it must be independent Facts about paragraph 2 Always assume 95 confidence when it s not stated Going Through Phases o Ho u1 u2 Ha u1 u2 o Z 3 876 o Z 025 1 96 o Reject Ho we have proven that the number of days differ between cities Lecture 7 September 12 Statistical Inference Two Population Difference in Means Always assume variances are equal unless it is specified otherwise The excel table Mean x Observations n Case 1 Pooled Variance S U1 U2 0 Case 2 Tail Test Use one sided test because it s one tailed so it s t 05 but when using confident interval do ta 2 Consider the confident interval alpha completely different than the initial 95 confidence interval Answers Ho u1 u2 0 u1 u2 Ha u1 u2 u1 u2 0 S 3 632 605 T 1 275 T18 05 1 734 DNR Ho insufficient evidence to prove Ho 703 7 2877 7 Interval point estimate margin of error Example 29 21 27 65 56 86 1 56 Lecture 8 September 15 Difference in Means Dependent Samples Test Statistic Formula Now has the uD to represent the differences in the data of two samples Degree of Freedom Always in nD 1 Case 1 Identifying Hypothesis Ho …