ECON 2P03 Study Guide - Midterm Guide: Standard Deviation
13 Mar 2014
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Midterm review: you take the standard deviation, x bar is = . 500, you calculate the league average, x-x(bar) -> mean x bar, you square all the numbers that you"ve just calculated, then you add them up. If there are 8 teams then n= 8. Sd = square root of . 325/8 = . 202: that is the spread of the league average, we know that most of these lie between the league average. Sdi = . 500/square root of 36 = . 500/6= . 08: calculate and interpret the r- statistic . The sd of the winning percentage in the league is 2. 53 times what it would be if all teams are equally balanced (r would = 1: i) ii) Notice the total combines profits of the 2 firms are 242 + 484 = 726: mc = 8 + 4 = 12. Mr = 100-4q (based on p = 199 -2q)
