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The management team of a soccer stadium wants to estimate the average amount in Rand spent on snacks and cool drinks per spectator. It is known that amount in Rand is a normally distributed. A random sample of 40 spectators was selected and the sample mean is R37.93 and the sample standard deviation is R7.
Calculate a 95% confidence interval estimate of the actual average amount spent by a spectator and the interpret results.
Many musicians and performers make a distinction between "good nervousness" and "bad nervousness". What do you think this distinction means? How does it apply to public speaking?
Imagine a consumer with the following budget constraint C = −20l + 60. What is the slope of the budget constraint? Imagine that taxes increased by 10 (consumption goods) and plot the new budget constraint. Draw arbitrary indifference curves (satisfyi..
Given 2 jobs: Job A which pays $1,000 in the 1st year and $3,000 in the 2nd year Job B which requires attending a seminar in the first year costing $3,000 (to be paid out of pocket) then making $8,000 in the 2nd year. If a person has a discount rate ..
q.consider an economy where there are n consumers each of them having one unit of available time. there is a
Explain when prices are set by the sellers and are not determined by negotiation between the buyers and the sellers.
What is regionalism? Use European Union as an example to illustrate the major steps toward regional integration. What major features can you identify for regional integration in Europe, North America and East Asia? What are the dynamics for regional ..
Using the model of the money market for the case of interest rate control, shift the appropriate curve(s) to show the impact of a decrease in the interest rate caused by an expansionary change in monetary policy. Explain the changes in money demand a..
If the price elasticity of demand for a product is -5, and the income elasticity of demand for the product is 2.5. If a 0.5% decrease in product price as accompanied by a 1% decrease in consumer income, the firm's total sales will
Suppose that some soybean farmers experience losses over a long period and therefore decide to exit the market. What effect will this exit have on the market supply of soybeans? How will the change in supply affect the market price of soybeans and th..
What compensation philosophy (below market, at market, or below market) and approach to total rewards would work best for each one and why?
Which economy is better off, country A, in which output is growing 6 percent per year with population growth of 4 percent per year, or country B, in which output is growing 4 percent per year with population growth of 1 percent per year?
A winery producers on bulk and economies of scale. Suppose a typical producer has fixed costs equal to $20 million and marginal costs equal to $1 per liter. Calculate their average total costs at Q=100,000; Q=500,000 and Q=1,000,000.
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