100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
(BU) CAS EC 101 - Introductory Microeconomic Analysis - Midterm Exam 1 Guide 2024 $12.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Boston University
  4.  
  5. Education

Exam (elaborations)

(BU) CAS EC 101 - Introductory Microeconomic Analysis - Midterm Exam 1 Guide 2024
 0 purchase

(BU) CAS EC 101 - Introductory Microeconomic Analysis - Midterm Exam 1 Guide 2024(BU) CAS EC 101 - Introductory Microeconomic Analysis - Midterm Exam 1 Guide 2024(BU) CAS EC 101 - Introductory Microeconomic Analysis - Midterm Exam 1 Guide 2024

Preview 3 out of 26  pages

Document information

  • September 6, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Unknown

Subjects

  • bu cas ec 101 introductory microeconomic analy

Written for

All documents for this subject (5)

Seller

avatar-seller
EmilioOchieng

Reviews received

Content preview

CAS EC 101

Introductory Microeconomic Analysis

Midterm Exam 1

2024

Graphing
● Purposes
○ Express a complex idea in a simple way
○ Summarize info
● Types of graphs
○ Dependent on the information given
■ Unidimensional data (single variable)
● Pie charts (not the best choice of graph)
○ Imagine a pie chart showing the percentage of men and
women in the tech industry
■ The variable there is gender
● Bar charts
○ Variables of interest (what you want to see the changes
in) go on the Y axis
○ Distinct groups go on the X axis
○ Imagine a bar chart with average income taxes paid on
the y axis. On the X axis will be the different income
brackets
● Time Series
○ Easy to be confused as two dimensional data
○ Variable of interest will go on the Y axis
○ X axis will be for time (ie. different years)
○ Imagine a time series graph in which the real value of
minimum wage will go on the y axis and the different
years will go on the x axis
○ Label your axes to avoid confusion in interpretation
■ Two dimensional data (relationships between variables)
● Scatterplot

, ○ X axis will have the explanatory variable (the cause)
○ Y axis will have the response variable (the reaction)
○ Positive correlation: variables tend to move in the same
direction
■ An increase in x, leads to an increase in y
○ Negative correlation: variables move in different
directions
■ An increase in x, leads to a decrease in y
○ Correlation does NOT imply causation
■ Imagine a scatter plot that’s comparing height
and SAT scores
● Not a valid graph because the variables
are not related and don’t take into
consideration other factors like age

■ Three dimensions
● Imagine a graph showing the relationship between income (z
axis), price (y axis), and quantity purchased (x axis)
○ This is difficult to understand when drawn as a 3D graph
○ in order to simplify this, we need to go back to 2
dimensions
■ Put price on the y axis, quantity on the x axis, and
a demand curve within the coordinate plane
● Income would affect the the graph by
shifting the demand curve either up or
down
○ As a general rule of thumb, any
variable that isn’t on the graph, will
cause a shift of the demand curve
○ If the variables outside the graph
are held constant, and something
on either the x or y axis is changed,
there will be a shift along the
demand curve
● Slope
○ Summarize the relationship between 2 variables
○ Defined as rise/run, or the change in y divided by the change in x
■ Y2-y1 / x2-x1
○ The ultimate goal of most research is causal interpretation
■ ”X causes Y”
■ For example with slope M: if I increase X by 1 unit, y increases by M
○ Reverse Causality:
■ Imagine a scatterplot with minimum wage on the x axis and
employment on the y axis

, ● Thinking about the effect of employment on minimum wage is
reverse causality
○ A country with high employment, can afford a high
minimum wage

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller EmilioOchieng. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64670 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

NURS 5334 Adult SOAP example posted SOAP Note Form Adult Management I

Package deal ·

(0)

Unit 57: Principles and Applications of Analogue Electronics- Answers

Summary ·

(0)

Mens onder spanning HF14 Middelgerelateerde en verslavingsstoornissen

Exam (elaborations) ·

(0)

Test Bank on Understanding Abnormal Behavior 10th Edition Sue, Sue, Sue

Exam (elaborations) ·

(0)

CCBMA Exam Review Questions and answers, graded A+| latest update 2024/25|

Judgments ·

(0)

Verplichte arresten en arresten uit het boek - Inleiding Internationaal recht

Exam (elaborations) ·

(0)

2024 CBRS Exam Questions With 100% Correct Answers | Updated & Verified

Summary ·

(1)

Samenvatting Inleiding in de psychopathologie H2 t/m 16 kaders en richtlijnen!

Summary ·

(0)

Handboek wondzorg, hoofdstuk 8: Ulcus cruris. Inclusief 15 toets vragen
$12.99
  • (0)
Add to cart
Added