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The mean television viewing time for Americans is 15 hours per week (Money, November 2003). Suppose a sample of 60 Americans is taken to further investigate viewing habits. Assume the population standard deviation for weekly viewing time is σ?=4 hours (a)What is the probability the sample mean will be within 1 hour of the population mean? (b) What is the probability the sample mean will be within 45 minutes of the population mean?
A company has an investment project that would cost $40 million today and yield a payoff of $58 million in 4 years. Should the firm undertake the project
Suppose the market of chocolates is unregulated. That is, chocolate prices go are free to adjust based on the forces of supply and demand. If an excess demand exists in the chocolate market, then the current price must be _____ (higher/lower) than th..
Barb age 25, files as a single taxpayer. She is employed at a monthly salary of $2,150. She claims no dependents. Her employer withheld $1,600 from her wages for income taxes for 12 months' of work. Compute of Barb’s income tax due to or from the IRS..
Explore one of the sophisticated pricing techniques covered in this topic and provide an example of how it is used. What are some constraints that may limit the ability of firms to use these techniques?
Suppose that the government increases spending from G to G1 while simultaneously raising taxes in such a way that, at the initial level of output, the budget remains balanced. Show the effect of this change on the aggregate demand schedule. How does ..
Kalamazoo Competition-Free Concrete (KCC) is a local monopolist of ready-mix concrete. Its annual demand function is Qd= 24000-400P where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. Suppos..
Marco borrowed $ 24,491 from a bank at an interest rate of 9 % compounded monthly to. The loan will be repaid in equal monthly instalments over 3 years. What is the remaining lump sum after 28 instalments?
A construction firm has purchased a crane that comes with a 3 year warranty. Repair costs are expected to average $4500 per year beginning Year 4 when the warranty expires. Determine the present worth of the crane's repair cost over its 15-year life...
If the government were to increase taxes on gasoline, what will happen to the total government revenue? Why? What are you assuming about the elasticity of the demand curve of gasoline? What is the formula for elasticity?
Master's Cleaners' average variable costs consist of $.70 of direct labor, $.30 of direct materials, and $.50 of other variable inputs. If it has fixed costs of $1,000, what level of output is required at a price of $2 to generate $500 in profits?
Illustrate what new decisions will you make regarding production levels and pricing for your Widget facility.
1. Based on research, summarize the economic booms that India and China enjoyed within the past few decades. What economic policies do they have in common?
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