1. Using the data in Table 2.3, calculate average fixed cost and average variable cost. Plot these on a graph with the average total cost and briefly explain the result.
2. When should a business cease production in the short run?
3. What costs need to be covered in the long run?
1. What are the main production decisions which have to be made?
2. What does a production possibility curve show?
3. What are the main justifications for the entrepreneur’s profit?
1. Using the formulation in Section 10.3, plot the bet size (m) as a function of the maximum predicted probability 
2. Draw 10,000 random numbers from a uniform distribution with bounds 
(a) Compute the bet sizes m for 
(b) Assign 10,000 consecutive calendar days to the bet sizes.
(c) Draw 10,000 random numbers from a uniform distribution with bounds 
(d) Form a pandas series indexed by the dates in 2.b, and with values equal to the index shifted forward the number of days in 2.c. This is a t1 object similar to the ones we used in Chapter 3.
(e) Compute the resulting average active bets, following Section 10.4.
1. What are the main factors causing economic growth?
2. What types of policy can be used to promote economic growth?
3. Why does the index of sustainable economic welfare (ISEW) differ from gross national product (GNP)?
1. Using the function mp Sample TW, compute the average uniqueness of each label. What is the first-order serial correlation, AR(1), of this time series? Is it statistically significant? Why?
2. Fit a random forest to a financial dataset where 
(a) What is the mean out-of-bag accuracy?
(b) What is the mean accuracy of k-fold cross-validation (without shuffling) on the same dataset?
(c) Why is out-of-bag accuracy so much higher than cross-validation accuracy? Which one is more correct / less biased? What is the source of this bias?
1. What are the main assumptions of perfect competition?
2. In a monopoly, if a firm fixes the price, what determines the amount supplied?
3. Imperfect competition can be divided into three submarkets. What are they?
1. Using the code presented in Section 8.6:
(a) Generate a dataset (X, y).
(b) Apply a PCA transformation on X, which we denote Ẋ.
(c) Compute MDI, MDA, and SFI feature importance on (Ẋ,y), where the base estimator is RF.
(d) Do the three methods agree on what features are important? Why?
2. From exercise, generate a new dataset (Ẍ,y), where Ẍ is a feature union of X and Ẋ .
(a) Compute MDI, MDA, and SFI feature importance on (Ẍ,y), where the base estimator is RF.
(b) Do the three methods agree on the important features? Why?
1. What are some typical inputs and outputs of the accounting cycles?
2. Why is it important for a company to have an internal control system?
What is the difference between a general control and an application control?
1. What are teams and how are they formed? Consider this question in the context of your
group and the board of your Central Bank.
2. How successful is your team in deriving their recommendation? Is your team able to agree
on and manage their schedule? Are their different opinions and how are they resolved?
3. Assume that you are the chairman of the central bank board and your team mates are board
members. How would you handle different opinions and would you do things differently
compared to what your team did?
4. Now assume that you are board member and have a different recommendation to other
board members. Having gone through this process, how might you contribute to the
discussion differently in the future?
Attachments:
The-video-we-….mp4
Mock-Central-…
Marking-rubri….pdfIndividual-re….pdfGroup-meeting….pdf
1. What criticisms do monetarists make about a large PSNCR?
2. What are open market operations?
3. When did special deposits cease to be used?
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