ECO206Y1 Midterm: ECO206Y Term Test 1 2012 Fall
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A local bookstore is keeping a database of its customers to find out more about their spending habits and so that the store can start to make personal recommendations based on past purchases. The first 5 lines of the database appear in the accompanying table.
| Transaction ID | Customer ID | Date | ISBN Number of Purchase | Price | Coupon? | Gift? | Quantity |
|---|---|---|---|---|---|---|---|
| 29784320912 | 4J438 | 11/12/2009 | 345-23-2355 | $29.95 | N | N | 1 |
| 26483589001 | 3K729 | 9/30/2009 | 983-83-2739 | $16.99 | N | N | 1 |
| 26483589002 | Dublin | 9/30/2009 | 102-65-2332 | $9.95 | Y | N | 1 |
| 36429489305 | 3U034 | 12/5/2009 | 295-39-5884 | $35.00 | N | Y | 1 |
| 36429489306 | 3U034 | 12/5/2009 | 183-38-2957 | $79.95 | N | Y | 1 |
Choose the correct answer below.
A. The variable Transaction ID is categorical and nominal.
B. The variable Transaction ID is an identifier variable.
C. The variable Transaction ID is quantitative, with unit counts.
D. The variable Transaction ID is categorical and ordinal.
2) Describe the variable Customer ID. Choose the correct answer below.
A. The variable Customer ID is quantitative, with units counts.
B. The variable Customer ID is categorical and ordinal.
C. The variable Customer ID is an identifier variable.
D. The variable Customer ID is categorical and nominal.
3) Describe the variable Date. Choose the correct answer below.
A. The variable Date is categorical and ordinal.
B. The variable Date is categorical and nominal.
C. The variable Date is quantitative, with unit days.
D. The variable Date is quantitative, with unit counts.
4) Describe the variable ISBN Number of Purchase. Choose the correct answer below.
A. The variable ISBN Number of Purchase is categorical and ordinal.
B. The variable ISBN Number of Purchase is quantitative, with units counts.
C. The variable ISBN Number of Purchase is categorical and nominal.
D. The variable ISBN Number of Purchase is an identifier variable.
5) Describe the variable Price. Choose the correct answer below.
A. The variable Price is an identifier variable.
B. The variable Price is categorical and ordinal.
C. The variable Price is categorical and nominal.
D. The variable Price is quantitative, with unit dollars.
6) Describe the variable Coupon. Choose the correct answer below.
A. The variable Coupon is an identifier variable.
B. The variable Coupon is categorical and nominal.
C. The variable Coupon is categorical and ordinal.
D. The variable Coupon is quantitative, with unit counts.
7) Describe the variable Gift. Choose the correct answer below.
A. The variable Gift is categorical and nominal.
B. The variable Gift is categorical and ordinal.
C. The variable Gift is an identifier variable.
D. The variable Gifts is quantitative, with units counts.
8) Describe the variable Quantity. Choose the correct answer below.
A. The variable Quantity is quantitative, with unit counts.
B. The variable Quantity is categorical and ordinal.
C. The variable Quantity is quantitative, with unit dollars.
D. The variable Quantity is categorical and nominal.
9) Are these data a time series, or are these cross-sectional? Explain Briefly. Choose the correct answer below.
A. These data are cross-sectional. There is a single variable measure at multiple points in time.
B. These data are cross-sectional. There are several variable measured at single points in time.
C. These data are a time series. There are several variables measured at single points in time.
D. These data are a time series. There is a single variable measured at multiple points in time.
Labor Output Price (D1) Price (D2)
| 0 | 0 | 10.00 | 10.00 |
| 1 | 15 | 10.00 | 9.50 |
| 2 | 29 | 10.00 | 9.00 |
| 3 | 42 | 10.00 | 8.50 |
| 4 | 54 | 10.00 | 7.50 |
| 5 | 65 | 10.00 | 6.50 |
| 6 | 75 | 10.00 | 5.50 |
1. Suppose the firm's product demand is given by the column labelled D1. If the wage rate is $100, the firm will achieve maximum profit by hiring _____ workers.
a. 3 b. 4 c. 5 d. 6
2. Suppose the firm's product demand is given by the column labelled D1. If the wage rate rises from $100 to $130, the firm will reduce the quantity of labour employed by _____ unit(s)
a. 0 b. 1 c. 2 d. 3 16.
3.Suppose the firm's product demand is given by the column labelled D1. If the wage rate is $120, the firm will achieve maximum profit by hiring _____ workers.
a. 3 b. 4 c. 5 d. 6 3 17.
4. Suppose the firm's product demand is given by the column labelled D1. The value of the marginal product of the fourth worker is:
a. $10 b. $54 c. $120 d. $540 18.
5. Suppose the firm's product demand is given by the column labelled D2. If the wage rate is $100, the firm will achieve maximum profit by hiring _____ workers
a. 2 b. 3 c. 4 d. 5 19.
6. Suppose the firm's product demand is given by the column labelled D2. The extra revenue generated by the fourth worker is:
a. $1 b. $12 c. $48 d. $405 20.
7. Suppose the firm's product demand is given by the column labelled D2. If the wage rate rises from $100 to $130, the firm will reduce the quantity of labour employed by _____ unit(s).
a. 0 b. 1 c. 2 d. 3 21.
8. Compared to a firm facing D1, a firm facing demand schedule D2 but paying the same wage will hire:
a. the same number of workers, since the total product is the same in both instances
b. fewer workers, since product price declines as output increases
c. more workers, since product price declines as output increases
d. more information is required
