Chapter 7: Continuous Probability DistributionsGOALS Understand the difference between discrete and continuous distributions. Compute the mean and the standard deviation for a uniform distribution. Compute probabilities by using the uniform distribution. List the characteristics of the normal probability distribution. Define and calculate z values. Determine the probability an observatio...
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Chapter 07: Measuring Domestic Output and National IncomeAssessing the Economy’s Performance National Income Accounting measures economy’s overall performance Bureau of Economic Analysis compiles National Income and Product Accounts Assess health of economy Track long run course Formulate policy
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Chapter 06: An Introduction to MacroeconomicsPerformance and Policy Real GDP Corrects for price changes Nominal GDP Uses current prices Unemployment Inflation Increase in overall level of prices
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Chapter 6: Discrete Probability DistributionsGOALS Define the terms probability distribution and random variable. Distinguish between discrete and continuous probability distributions. Calculate the mean, variance, and standard deviation of a discrete probability distribution. Describe the characteristics of and compute probabilities using the binomial probability distribution. Describe ...
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Chapter 5: A Survey of Probability ConceptsGOALS Define probability. Describe the classical, empirical, and subjective approaches to probability. Explain the terms experiment, event, outcome, permutations, and combinations. Define the terms conditional probability and joint probability. Calculate probabilities using the rules of addition and rules of multiplication. Apply a tree diagr...
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Chapter 05: Market Failures: Public Goods and ExternalitiesMarket Failures Market fails to produce the right amount of the product Resources may be Over-allocated Under-allocated
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Chapter 04: ElasticityPrice Elasticity of Demand Measures buyers’ responsiveness to price changes Elastic demand Sensitive to price changes Large change in quantity Inelastic demand Insensitive to price changes Small change in quantity
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Chapter 4: Describing Data: Displaying and Exploring DataGOALS Develop and interpret a dot plot. Develop and interpret a stem-and-leaf display. Compute and understand quartiles, deciles, and percentiles. Construct and interpret box plots. Compute and understand the coefficient of skewness. Draw and interpret a scatter diagram. Construct and interpret a contingency table.
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Chapter 3A: Appendix: Demand, Supply, and Market EquilibriumLettuce Supply shifts left for lettuce Weather destroys part of the crop Demand doesn’t change Consumers still want as much lettuce as before Equilibrium price rises which will reduce the quantity demanded
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Chapter 03: Demand, Supply and Market EquilibriumMarkets Interaction between buyers and sellers Markets may be Local National International Price is discovered in the interactions of buyers and sellers
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