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PSYC 1001 Lecture Notes - Lecture 2: Scientific Method, Gottfried Wilhelm Leibniz, Spiritualism
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Science is a Way of Knowing -Working Assumptions- 1. Mind-Body Duality a. Do we gain knowledge through senses or through thinking (zoning out senses)? b. Philosophical Doctrine of Realism i. Sensed objects have an existenc...

Psychology
PSYC 1001
Danny Benbassat
PSYC 1001 Lecture 1: Ways of Knowing
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Ways of Knowing 1. Authority: Someone you trust; applies more to studentteacher relationship a. Ex: did Neil Armstrong really walk on the moon or did youre teacher lie to you? 2. Logic: systematic process of finding someth...

Psychology
PSYC 1001
Danny Benbassat
ECON 1011 Lecture Notes - Lecture 30: Productive Efficiency
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Market Failure Large number of economic agents Free entry exit Homogenous goods Perfect information Does not attain allocative andor productive efficiency Natural Monopoly High start up cost Low MC Large FC Fixed MC The m...

Economics
ECON 1011
Daniel MacKay
STAT 1051 Lecture Notes - Lecture 30: Dependent And Independent Variables
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STAT 1051 Lecture 30 (December 5, 2018) Simple Linear Regression: allows us to summarize and study relationships between two continuous (quantitative) variables One variable, denoted x, is regarded as the predict...

Statistics
STAT 1051
Balaji, S
ECON 1011 Lecture Notes - Lecture 29: Pigovian Tax, Coase Theorem, Demand Curve
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Corrections for Externalities (internalize) Voluntary Internalization Pigouvian Tax Coase Theorem Voluntary Internalization Graph Red line = MB Blue line = MC Pigouvian Tax A market correcting tax. Try and get a demand cur...

Economics
ECON 1011
Daniel MacKay
ECON 1011 Lecture Notes - Lecture 24: Price Gouging, Monopsony, Economic Surplus
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Econ Lecture 21: Government Policies: Price Floors 2 ways to deal with a Gasoline Shortage 1. No price increases (price gouging laws enforced) Pros Cons Sense of fairness Demand > Supply; insufficient supply allocated Gas ...

Economics
ECON 1011
Steven Suranovic
STAT 1051 Lecture Notes - Lecture 29: Confidence Interval, Test Statistic, Null Hypothesis
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STAT 1051 Lecture 29 (December 3, 2018) Assumption: Either both populations are normal and , 1kno2n Or n1 30, n2 30 Test for u 1 u 2 ...

Statistics
STAT 1051
Balaji, S
ECON 1011 Lecture Notes - Lecture 28: Monopolistic Competition, Perfect Competition, Demand Curve
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Monopolistic Competition Large number of buyers & sellers Free entry & exit Heterogamous goods Perfect information Economies of scale Short Run Transition ...

Economics
ECON 1011
Daniel MacKay
STAT 1051 Lecture Notes - Lecture 28: Loyalty Program, Null Hypothesis, Confidence Interval
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STAT 1051 Lecture 28 (November 28, 2018) Example Problems 1. n = 250 people in total n = 225 people would agree to participate in a store loyalty program a = 0.01 P 0 0.8 p = true proportion of people who favo...

Statistics
STAT 1051
Balaji, S
ECON 1011 Lecture Notes - Lecture 27: Marginal Revenue, Demand Curve, Economic Surplus
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Monopoly One seller & large number of buyers No entry (Homogenous goods) (not required) (Perfect information) (not required) Total Revenue in Monopoly Inverse parabola. Marginal Revenue in Per...

Economics
ECON 1011
Daniel MacKay
ECON 1011 Lecture Notes - Lecture 25: Marginal Revenue, Comparative Statics, Marginal Utility
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Productive & Allocative Efficiency Using comparative statics, we can see that the supply curve = MC curve, while the demand curve = MB curve. Allocative Efficiency The last unit exchanged will be where MC = MB (marginal...

Economics
ECON 1011
Daniel MacKay
ECON 1011 Lecture Notes - Lecture 24: Demand Curve, Marginal Revenue, Statics
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Comparative Statics If there is a change in price so that P becomes P, the demand curve will shift to intersect the supply curve at point P (doesnt matter if it is an increase profit or decrease loss). ...

Economics
ECON 1011
Daniel MacKay
STAT 1051 Lecture Notes - Lecture 24: Type I And Type Ii Errors, Null Hypothesis, Test Statistic
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STAT 1051 LEcture 24 (November 14) Steps to complete hypothesis testing Step 1: Set the pair of hypothesis Step 2: Compute the test statistic based on the assumptions Step 3: Decision To reject or not to reject the null hy...

Statistics
STAT 1051
Balaji, S
ECON 1011 Lecture Notes - Lecture 23: Demand Curve, Marginal Revenue, Statics
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Market Supply Curve The market supply curve is the summation of the marginal cost curves of all the firms in the market above the shutdown price. Perfect Competition Requirements: Large number of agents (buyers and sellers...

Economics
ECON 1011
Daniel MacKay
ECON 1011 Lecture 23: Lecture 20 Government Policies
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Economics
ECON 1011
Steven Suranovic

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