CHYS 3P15- Midterm Exam Guide - Comprehensive Notes for the exam ( 26 pages long!)

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violetoyster687

16 Feb 2018

School

Brock University

Department

Child and Youth Studies

Course

CHYS 3P15

Professor

D Molnar

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Document Summary

Ordinal: categories must be order (bronze, silver, gold. Interval: continuous data, the distance between adjacent points is equal, (8-10, 11-13) Ratio: getting bigger, equal intervals between points, equal ratio (this is twice as much as this, 200 pounds is twice as much as 100) True zero: celsius would be measured on an interval scale because it doesn"t have a true zero. It"s a positive number so it indicates positive skewness. If it was +4 it would be leptokurtic. Both of these values are within the values of + or 3. Total score: transform - > compute variable -> target variable (tot_deprs), function group (all) functions and special variables (sum), numeric expression (sum(depression1,depression2, depression3, Mean score: transform compute variable target variable (m_deprs) function group (all) functions and special variables (sum), numeric expression (mean(depression1,depression2, To test for linearity graphs chart builder scatter/dot click top left one and drag it to the top.

Related Questions

Question 1

Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?

		Test marketing and price experiments
		Analysis of historical data.
		Direct consumer surveys.
		Expert opinion.

Question 2

In which of the following situations would reliance on expert opinion as a basis for a managerial decision be most preferred?

		When the product being marketed is relatively new.
		When the level of economic activity can have a significant effect on the demand for the firm's output.
		When the product can be packaged with a variety of price and quality combinations.
		When the business in question serves as a supplier of inputs to other businesses, especially in multi-product situations where other strategies may be prohibitively expensive.

Question 3

The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called:

		conjoint analysis.
		contingent valuation.
		the hedonic estimation technique.
		a direct consumer survey.

Question 4

All of the following are limitations of direct consumer surveys except:

		the possibility of response biases because survey respondents may not want to reveal their true preferences.
		the possibility that the type of questions asked may unintentionally bias the respondent's answers.
		the likelihood that respondents will deliberately and systematically mislead interviewers.
		the possibility that consumers' responses may not reflect their actual behavior in the market place.

Question 5

Which of the following approaches to understanding and predicting consumer behavior does not actually solicit any information from potential customers?

		Expert opinion.
		Test marketing.
		Analysis of historical data.
		Conjoint analysis.

Question 6

Data collected on a sample of individuals with different characteristics at a specific point in time are called:

		panel data.
		cross-section data.
		time series data.
		none of the above.

Question 7

Which of the following approaches to understanding and predicting consumer behavior provides the most insight into how consumers can be expected to respond in an actual market setting?

		Test marketing.
		Conjoint analysis.
		Expert opinion.
		Analysis of historical data.

Question 8

An approach to analyzing consumer behavior in which consumer reaction to different prices is analyzed in a laboratory situation or a test market is called:

		non-price experiments.
		focus groups.
		price experiments.
		none of the above.

Question 9

Data collected on the same observation unit at a number of points in time are called:

		panel data.
		time series data.
		cross-section data.
		none of the above.

Question 10

A measure of how much the coefficient would vary in regressions based on different samples is called:

		F-statistic.
		standard error of the estimated coefficient.
		t-statistic.
		partial F-statistic.

Question 11

The test statistic used to test the hypothesis of whether a regression coefficient is significantly different from zero, holding all other independent variables constant, is called a(n):

		t-test.
		F-test.
		multicollinearity test.
		autocorrelation test.

Question 12

Regression analysis that analyzes the relationship between one dependent variable and several independent variables is called:

		cluster analysis.
		correlation analysis.
		multiple regression analysis.
		simple regression analysis.

Question 13

The ratio of the regression coefficient to its standard error is called:

		F-statistic.
		t-statistic.
		coefficient of determination.
		partial F-statistic.

Question 14

The coefficient of determination will range between what values?

		-1 and +1
		0 and 1
		-3 and +3
		none of the above

Question 15

The range of values in which we can be confident that the true regression coefficient lies within a given degree of probability is called a:

		confidence interval.
		logistic regression.
		prediction interval.
		none of the above.

Question 16

The estimated regression equation is Y = 10 + 2.5X, if X =0 than the predicted value of Y is equal to

		2.5
		7.5
		12.5
		10

crimsoncamel287

(Please show as much work as possible)

1. You are bidding in a second-price auction for a painting that you value at $800. You estimate that other bidders are most likely to value the painting at between $200 and $600. Which of these is likely to be your best bid?

a. $1,000

b. $800

c. $600

d. $400

2. Which of the following is true about different ways of conducting a private-value auction?

a. A first-price auction is strategically equivalent to a second-price auction.

b. A first-price auction is strategically equivalent to an English auction.

c. A second-price auction is strategically equivalent to an English auction.

d. None of the above

3. Suppose that five bidders with values of $500, $400, $300, $200, and $100 attend an oral auction. Which of these is closest to the winning price?

a. $500

b. $400

c. $300

d. $200

4. In the above auction, if the bidders with the first- and third-highest values ($500 and

$300) collude, which of these is closest to the winning price?

a. $500

b. $400

c. $300

d. $200

5. If a seller is concerned about collusion among bidders, which of the following changes to the auction, should the seller make?

a. Hold frequent, small auctions instead of infrequent large auctions.

b. Conceal the amount of winning bids.

c. Publically announce the name of each auction's winner.

d. Hold a second-price instead of a first-price auction.

6. You're holding an auction to license a new technology that your company has developed. One of your assistants raises a concern that bidders' fear of the winner's curse may encourage them to shade their bids. How might you address this concern?

a. Release your analyst's positive scenario for the technology's future profitability.

b. Release your analyst's negative scenario for the technology's future profitability.

c. Use an oral auction.

d. All of the above

7. In a first-price auction, you bid ________ your value, and in a second-price auction you bid _________ your value.

a. at; above

b. below; above

c. below; at

d. below; below

8. You hold an auction among three bidders. You estimate that each bidder has a value of either $16 or $20 for the item, and you attach probabilities to each value of 50%. What is the expected price? If two of the three bidders collude, what is the price?

9. In Sweden, firms that fail to meet their debt obligations are immediately auctioned off to the highest bidder. (There is no reorganization through Chapter 11 bankruptcy.) The current managers are often high bidders for the company. Why?

10. When a famous painting becomes available for sale, it is often known which museum or collector will be the likely winner. Yet, representatives of other museums that have no chance of winning are actively wooed by the auctioneer to attend anyway. Why?

11. The deities Mars and Venus often do battle to create the weather conditions on Earth. Venus prefers extreme temperatures (especially heat), while Mars prefers temperate conditions. The payoffs (expressed in Points of Wrath) are given below.

		Venus
		Warm	Chill
Mars	Warm	20 , 0	0 , 10
Chill	0 , 90	20 , 0

What is the unique mixed-strategy equilibrium of the above game?

(Let p be the probability of "Warm" for Mars, and q the probability of "Warm" for Venus.)

a) p=9/10, q=1/2

b) p=1/2, q=1/10

c) p=1/2, q=1/2

d) p=1/10, q=1/10

Player 2

		H	D
Player 1	H	0 , 0	4 , 1
D	1 , 4	2 , 2

12. The above game is the title of the hawk-dove game and used by evolutionary biologists to describe evolutionary processes. It is also used to model how a business should grow. In the above game, what is the Nash equilibrium in pure strategies and mixed strategies.?

Assume the cost of producing the goods is zero and that each consumer will purchase each good as long as the price is less than or equal to value. Consumer values are the entries in the table.

	Good 1	Good 2
Consumer A	$2,300	$1,700
Consumer B	$2,800	$1,200

13. Suppose the monopolist only sold the goods separately. What price will the monopolist charge for good 1 to maximize revenues for good 1?

a. $2,300

b. $2,800

c. $1,200

d. $1,700

14. What is the total profit to the monopolist from selling the goods separately?

a. $4,500

b. $6,300

c. $7,000

d. $6,000

15. What is a better pricing strategy for the monopolist? At this price, what are the total profits to the monopolist?

a. Bundle the goods at $2,800; Profits = $5,600

b. Bundle the goods at $4,000; Profits = $8,000

c. Charge $2,800 for good 1 and charge $1,700 for good 2; Profits = $4,500

d. Charging the lowest price for each good individually is the best pricing strategy; Profits = $7,000

16. The prisoners' dilemma is an example of

a. a sequential game.

b. a simultaneous game.

c.a shirking game.

d. a dating game

17. Nash equilibrium

a. is where one player maximizes his payoff, and the other doesn't.

b. is where each player maximizes his own payoff given the action of the other player.

c.is where both players are maximizing their total payoff.

d. is a unique prediction of the likely outcome of a game.

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CHYS 3P15- Midterm Exam Guide - Comprehensive Notes for the exam ( 26 pages long!)

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