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An engineer designs an improved light bulb. The previous design had an average lifetime of 1200 hours. The mean lifetime of a random sample of 2000 new bulbs is found to have a mean lifetime of 1201 hours. Although the difference from the old mean lifetime of 1200 hours is quite small, the P-value is 0.03 and the effect is statistically significant at the 0.05 level. If, in fact, there is no difference between the mean lifetimes of the new and old designs, the researcher has:
a) committed a type 1 error
b) committed a type 2 error
c) a probability of being correct, which is equal to the P-value
d) a probability of being correct, which is equal to 1-(P-value)
Describe how changes in the macro environment affect individual firms and industries through the micro economic factors of demand, production, cost and profitability.
Assume that an economy producing two products, skateboards also in-line skates, is initially in equilibrium also that skateboards also in-line skates are substitutes.
Austerity measures implemented in several European countries will mean lower level of government expenditures for these countries? For these countries, this would cause
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Illustrate what is the minimum efficient scale for each technology. Illustrate what if it was more optimistic about summer sales.
One has yearly income $10000, the other has yearly income $90000. Illustrate what is the Gini coefficient for this society.
Do you agree or disagree with the statement which: A monopolist always charges the highest possible price.
How many popsicles will be sold/supplied each day in the short run if the price rises to $4 each per day
You find that your paycheck for the year is higher this year than last. What does that mean that your real income has increased. Explain carefully.
Assume a firm has a patent on one of its products whose sale generates $32,700/year more revenue than production costs. If the annual interest rate is 20 percent, what is the market value of this patent.
Compute the elasticity of trades with respect to every inconsistent in the demand function.
Calculate cost elasticity of demand for paint and show your calculations. Decide where demand for paint is elastic, unitary elastic, or inelastic.
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