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In a study of the income of U.S factory workers, a random sample of 125 workers shows a sample mean of $29,000. Assume that the population standard deviation is $4,500.
A) Compute the 90%, 95%, and 99% confidence intervals for the unknown population mean.
B) Briefly discuss what happens to the width of the confidence interval estimate as the confidence level increases. Does this seem reasonable?
Assume that Country A has a population of 500,000 and only produces one good- car. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand.
Refer to the above data. If the product price is $75 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be?
(i) Calculate quantity demanded. (ii) Calculate the price elasticity for demand. Is demand elastic, inelastic, or unit elastic (iii) Calculate the income elasticity of demand. Is the good normal or inferior
consider the following cobb-douglas production function for the bus transportation system in a particular city: Q = aL(B1)F(B2)K(B3) where L = labor input in worker hours F = fuel input in gallons K = capital input in munber of buses Q = output me..
If the price of good x fell to $1, what is the new optimal choice Explain what happens to the optimal choice as income increases. What is fundamentally different about the optimal choice when income is below $18(and Px=2) then when income is great..
The following are the demand and total cost schedules for Company Town Water, a local monopoly: Output in Gallons Price per Gallon Total Cost 50,000 $0.28 $6,000 100,000 0.26 15,000 150,000 0.22 22,000 200,000 0.20 32,000 250,000 0.16 46,000 300,0..
U.S. Trucking pays its drivers $40,000 per year, while American Trucking pays its drivers $38,000 per year. For both firms, truck drivers average 240,000 miles per year. For simplicity, assume both firms require driving 60 million miles each year.
Two production lines are under evaluation. One uses waterjet cutting technology and has an initial cost of $100,000 , an annual operating cost of $10,000 , a useful life of 5years, and a salvage value of $70,000 at the end of 5years.
the estimated cost to finance an expansion is $15 million and net earnings from increased sales revenue are expected to be somewhere around 10%. The feds expand credit and lowered the interest rates, the real interest rate declined from 3.5% to 2...
Consider the Joint Density: 2(x+y) if 0 2. Calculate Fx (0.5) 3. Calculate Fy (0.5)
The state of Connecticut is well known for its almandine garnet. The Almandine Garnet Mine has plans to extract 80 tons over the next two years. The production benefits and costs are: MB = 40 ? 0.1Q MC = 36 + 0.25Q Assume..
A Canny, Domican and Flannery Ltd. has calculated the following Cross Elasticity of Demand values for a number of its products as follows: Cross Elasticity of Demand between Good A and Good B = + 5 Cross Elasticity of Demand between Good A and Good ..
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