Questions for Review without Answers
Chapter 4. Its Tools.
Mathematical Economics. Marginal Analysis
I. The Maths Survival Kit
1) How much is 3/8 in terms of percent?
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2) What are the differences between time-series graphs, bar charts and pie charts?
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3) On which axis are the years indicated in time-series graphs?
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4) Draw a pie chart for the following data: the unemployed account for 5 percent of the labour force.
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5) Explain the laws of supply and demand and the essence of equilibrium theory and draw the microeconomic standard graph.
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6) Describe the relationship between endogenous variables.
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7) Distinguish linear and non-linear curves.
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8) The demand curve has a negative slope and represents an inverse relationship. Explain.
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9) The supply curve has a positive slope and represents a direct relationship. Explain.
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10) How do you calculate the slope of a linear curve?
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11) And the slope of a non-linear curve?
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12) What does ceteris paribus stand for?
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13) When do the demand and supply curves shift?
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14) What is the difference between mathematical economics and econometrics?
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II. Advanced Maths Topic
15) Distinguish linear and non-linear equations.
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16) What is the typical characteristic of simultaneous equations?
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17) Distinguish equations and identities.
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18) Give two examples of inequalities.
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19) Write a schedule for the following equation: y = 4x + 4
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20) Draw a curve into a co-ordinate system
A. with infinite slope
B. and another one with zero slope
C. and a third one with positive slope
D. and a last one with negative slope.
21) Derive a schedule from the following supply function: Q = P - 3.
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22) What is a function?
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III. A Look into Your Mathematical Future
23) Why is marginal analysis based on differential calculus?
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24) Why is linear programming so suitable to solve economic problems?
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IV. Marginal Analysis
25) Explain why, according to marginal analysis, marginal utility equals price.
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26) And why marginal revenue also equals price.
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27) And why marginal cost also equals price.
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28) Why are mathematical statements about utility impossible?
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