SUBJECT: MICROECONOMICS (ECO 162) ASSIGNMENT 2 QUESTION 1 ACCORDING TO THEORY OF DISTRIBUTION‚ EXPLAIN HOW DOES WAGE IS DETERMINED? Certainly the market demand and supply of these factors. In other words‚ wages‚ rent‚ interest and profit are determined by the supply and demand of the respective factor or resource. This is explained by the concept of marginal product (MP) or marginal physical product (MPP). For example: labor and wages. In this case MP and MPP refer to additional
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D1: Pharmaceutical drugs D.1.1 List the effects of medicines and drugs on the functioning of the body. Drug or medicine is a substance that does one or more of the following: Alters physiological state – consciousness‚ activity level‚ coordination Alters incoming sensory experience Alters mood or emotion The active ingredients in drugs and medicines can be isolated from a plants and animals or synthesized artificially. Drugs supposed to assist human body’s
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values for different individuals. A categorical variable places an individual into one of several groups or categories. A quantitative variable takes numerical values for which arithmetic operations such as adding and averaging make sense. The distribution of a variable tells us what values the variable takes and how often it takes these values A time plot of a variable plots each observation against the time at which it was measured. Always mark the time scale on the horizontal axis and the variable
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HARVARD CASES Case 14 WESCO Distribution‚ Inc. Synopsis In June 1997‚ Jim Piraino‚ VP of marketing for WESCO Distribution‚ Inc.‚ is preparing for a yearly review meeting with WESCO CEO Roy Haley. Haley wants the firm to reach annual growth goals of 6% to 8% in revenues and 12% to 16% in profitability over the next five years. The centerpiece of this growth strategy is the National Accounts program‚ which WESCO has developed to serve its major industrial customers in response to recent
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Assignments2 solutions: Due by Midnight Monday October 13th‚ 2014(drop box of week 2) (Chapters 5‚ 6‚ 7 and 8) Total 75 points. True/False (1 point each) Chapter 51. If the probability of success is 0.4 and the number of trials in a binomial distribution is 150‚ then its variance is 6. FALSE σ2= (np(1-p)) =(150*0.4*0.6) = 36. But the standard deviation is 6. 2. If a fair coin is tossed 20 times then the probability of less than 10 Tails is less than 0.4 (less than 40% chance). FALSE It
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Chapter 5 1) An automatic machine inserts mixed vegetables into a plastic bag. Past experience revealed that some packages were underweight and some were overweight‚ but most of them had satisfactory weight. What is the probability of selecting three packages that are satisfactory? Answer: P(all 3 satisfactory) = (0.9) (0.9) (0.9) = 0.729 2) A study of interior designers ’ opinions with respect to the most desirable primary color for executive offices showed that: What is the probability
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The Cumulative Distribution Function. The uniform distribution is introduced. 3.4 The Normal Distribution General definition of this distribution. Properties of normal distribution Presentation of several examples of normal random variables and variables with non-normal distributions. 3.5 Computing Probabilities for the Normal Distribution 3.6 Sums
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using the standard deviation‚ range‚ interquartile range‚ as appropriate. 4. (ii) Summarise a set of data using a table or frequency distribution‚ and display it graphically using a line plot‚ a box plot‚ a bar chart‚ histogram‚ stem and leaf plot‚ or other appropriate elementary device. Explain what is meant by symmetry and skewness for the distribution of a set of data. Explain the concepts of probability. 1. 2. Define probability as a set function on a collection of events‚ stating
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Product: For most customers‚ a product is not only the product itself (the core)‚ but also the services and intangibles that surround it (the product surround). The surround includes: Before and after sales service. Delivery. Availability. Advice. Finance. Guarantees and warranties. Quality perceptions. Value perceptions. Reputation and brand name. Other user’s recommendations. Price: Pricing is important for several reasons: The price charged will determine margins and‚ in the end
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Performance of Safety Incidents Statistical Analysis of Safety Incident Rates Table of Contents Introduction 3 Part I. Graphical Descriptive Statistics 3 Part II. Binomial Probability Distribution 4 Part III. Inferential Statistics 5 Part IV. One Sample Hypothesis T-test 5 Part V. Two Sample Hypothesis T-test 6 Part VI. Paired (matched) Observation – Two Populations Hypothesis 6 Part VII. Linear Regression and Correlation Study 7 Part VIII. ANOVA – One-Way Test of Variance 7 Part
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