Chapter 1: Q 6 (page 26)
Given the function , complete the following schedule and plot the curve.
y | x |
-4 | |
-2 | |
0 | |
2 | |
4 |
Short Answer
The completed schedule is,
y | x |
16 | -4 |
12 | -2 |
8 | 0 |
4 | 2 |
0 | 4 |
The curve for the schedule is,
Chapter 1: Q 6 (page 26)
Given the function , complete the following schedule and plot the curve.
y | x |
-4 | |
-2 | |
0 | |
2 | |
4 |
The completed schedule is,
y | x |
16 | -4 |
12 | -2 |
8 | 0 |
4 | 2 |
0 | 4 |
The curve for the schedule is,
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Get started for freeDuring her years of college, Dominique discovered that her three favorite subjects were astronomy, chemistry, and political science. She chose to major in astronomy because she had seen data indicating that science majors earn higher-than-average wages and because she liked astronomy better than both chemistry and political science. Upon graduation, however, she learned that average wages in chemistry fields were percent higher than average wages earned by astronomers. Did Dominique's behavior violate the rationality assumption?
Consider two models for estimating, in advance of an election, the shares of votes that will go to rival candidates. According to one model, pollstersโ surveys of a randomly chosen set of registered voters before an election can be used to forecast the percentage of votes that each candidate will receive. This first model relies on the assumption that unpaid survey respondents will give truthful responses about how they will vote and that they will actually cast a ballot in the election. The other model uses prices of financial assets (legally binding IOUs) issued by the Iowa Electronic Markets, operated by the University of Iowa, to predict electoral outcomes. The final payments received by owners of these assets, which can be bought or sold during the weeks and days preceding an election, depending on the shares of votes the candidates actually end up receiving. This second model assumes that owners of these assets wish to earn the highest possible returns, and it indicates that the market prices of these assets provide an indication of the percentage of votes that each candidate will actually receive on the day of the election.
(a) Which of these two models for forecasting electoral results is more firmly based on the rationality assumption of economics?
(b) How would an economist evaluate which is the better model for forecasting electoral outcomes?
Calculate the slope of the function you graphed in Problem A-6.
Given the function , complete the following schedule and plot the curve.
y | x |
-4 | |
-2 | |
0 | |
2 | |
4 |
Calculate the slope of the function you graphed in Problem A-5.
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