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GSK Pharmaceuticals wish to ensure that their Paracetamol tablets contain, on average, the amount quoted on the packet of their product - namely 500 mg. Clinical tests on a random sample of 50 tablets yielded an average of 499.32 mg of Paracetamol per tablet. If it can be assumed,on the basis of previous trials, that the standard deviation of is 5.7 mg, construct a 99.5% confidence interval for the average amount of Paracetamol. State only the upper limit of this interval correct to two decimal places.
Consider a simultaneous game between two players (Player 1 and Player 2). Each player has the option to play either Up or Down, and their payoffs are represented by the table. Is this a constant sum game?
The governor is attacking the new traffic rules. His views are wrong because he was given a speeding ticket last week.
Please Explain the effect of the following on: (i) the Aggregate Production Function (make sure you both show graphically and explain why) (ii) GDP
Briefly define the contract-warrant theory of product liability. What are the two obstacles facing the contract-warrant theory of product liability, according to Page Keeton?
What are public goods and services? How do these differ from private goods and services? Why can’t public goods and services be provided through market exchange? Give examples to support your answer?
Economic history since the industrial revolution [in the United States] strongly suggests that technical learning, not the process of perfect competition, drives growth over time” explain why perfect competition is not conducive to innovation, i.e., ..
Explain and illustrate using a diagram why a monopolist would never produce in the inelastic range of the demand curve. In each of the following cases, state whether the monopolist would increase or decrease output: Marginal revenue exceeds marginal ..
Two players 1 and 2 are playing a game sequentially. Player 1 moves first, and choose one of two actions: C and D. If Player 1 chooses D, the game terminates; Player 1 gets $2 and Player 2 gets $0. If Player 1 chooses C, the game continues. Identify ..
What factors influence a firm's competitive strategies? How would global competition affect those strategies? Use examples to support your answer.
A monopolist has 2 sets of customers distinguished by their demand functions p1=15-p1 and p2=25-2(q2)respectively. The total cost function of the firm is of the form C(Q)=5+3Q , where Q=q1+q2. Derive the aggregate demand function of the monopolist an..
Erin makes 800 items a day. Each day she spends 8 hours producing those items. If hired elsewhere she could have earned $300 an hour. The item sells for $20 each. Production occurs seven days a week. If the explicit costs total $200,000 per month,..
What price should the leader charge to drive all the small firms out of the market? Write the marginal revenue function of the dominant firm.
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