Distribution of test 3 scores and score distribution update

Here are the descriptive statistics from the third test:

average: 23.51 out of 40 (approx 58.8%)
median: 23.0 (57.5%)
mode: 23. 0 (57.5%)
stdev: 5.36 (13.4%)

The curve:

The mean was pretty low again. I guess it was a tough test. The following curve should give you an idea of the quality of your work (number of scores in each range is in parentheses):

A: 28.5+ (16)
B: 23 - 28 (25)
C: 18 - 22.5 (28)
D: 13.5 - 17.5 (9)
F: 13 and below (0)


Grade distribution update:

The red number on your test results page is your weighted average of points to date. Total number of points so far including the results of the third test, is 68. You should take your points and divide by 68 to put it into percentage terms.

The overall class average to date is 70.91%, a median score of 70.96%, and a standard deviation of 10.1%

The following grade scale is used to determine midterm grades:

A: 80.5%+
B: 70.8% - 80.49%
C: 60% - 70.79%
D: 49% - 59.99%
F: below 49%

If you have any question about points and grades so far, please see me at the office. (I cannot do that over the internet or phone. It must be an office visit.)

Answer Key to Study Questions for Test #3

Here is the answer key.

Since these are questions from older tests, there are some variations in terminology.

Diminishing marginal product is the same as diminishing returns.

Average revenue is something we did not talk about in class. The concept is simple: average revenue = total revenue / output, or AR = TR/Q. However, for price taking competitors, AR = MR, or average revenue and marginal revenue are the same.

Here is the key:

1-C, 2-A, 3-C, 4-A, 5-D*, 6-A (sorry for the repeat)
7-A, 8-D, 9-B, 10-B, 11-B, 12-B, 13-D,
14-A, 15-A, 16-B, 17-A, 18-B, 19-B (The table on p. 3 is for problems 18-22)
20-D**, 21-A, 22-D, 23-B, 24-B, 25-B, 26-A, 27-A,
28-A, 29-B, 30-A, 31-A, 32-D, 33-B, 34-A,
35-C, 36-B, 61-D (sorry about the numbering), 37-A,
38-C, 39-B, 40-D, 41-C,
42-B, 43-C, 44-C, 45-C.

Let me know if I've make any errors. (Email or AIM.)

* 5 was originally marked as C. It's D. Sorry. Thanks LS.
*20 was originally marked A. However 6 is the optimal level of output. The question asks about setting MR = MC, and that would be 9, option D. Thanks LS.

November 5 Alternative Assignment Information

Please read carefully!

Purpose: In accordance with the collective bargaining agreement between the faculty and PASHEE, in the event a class is missed some alternative assignment should be offered in lieu of class. I was scheduled to be out of town Monday, November 5. So I have planned the alternative assignment.

The Complexity: Since the initial announcement, my plans have changed, and I will be in town. But feeling it is unfair for me to call class back into session, we will stick with Monday being a "lab day".

The Options:

**These activities are optional and the credit is bonus or extra credit. **

(1) Come to class as usual. We'll have some type of "activity". Your participation gets you 3 bonus points.

(2) Download the assignment that is on the I-drive (Econ 122 Alt Assign). It is a short reading about Iranian imports of gasoline. It's rather interesting. Answer the questions on the worksheet. It is due on Friday. It is worth 3 bonus points.

The Reminder:

Your next test is on Friday. You'll have a review sheet on Wednesday. I'll post some sample multiple choice problems in a few days. Expect Wednesday to be a full and regular class with material to be covered on the test on Friday.