Monthly Archives: July 2014

Sensitive Surveys

In an earlier article, we saw that conducting a survey on a small unbiased sample of the population will give an estimate of the actual quantity we want to measure. For example, if we wish to know how many people … Continue reading

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World Population

Currently, the world population is estimated to be around 7.1 Billion people. The estimate for 10,000 BC is around 1 Million, which means since then, the population has increased by a factor of 7000. Let’s see how fast the population … Continue reading

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Wacky Quotes

  Some wacky yet interesting quotes: Between two evils, I always pick the one I never tried before. – Mae West I’d never join a club that would allow a person like me to become a member. – Groucho Marx … Continue reading

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Analysis of an Ad

If you have something to sell, you need to draw buyers to your stores. Ads are one way to do this. Say you wanted to advertise your brand to people in your city. The first thing that comes to mind … Continue reading

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Marginal Costs

A marginal cost is an incremental cost to be paid for an incremental good or service, in addition to the primary costs incurred, which are typically much larger. For example, if you buy a home, then you incur an upfront … Continue reading

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Price Discrimination

The selling price of a good is set by, among other things, supply and demand. Normally, we would expect a seller to sell a good at the same price to all buyers. Price discrimination refers to a situation where a … Continue reading

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