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Consider a random variable X ∼ N (8, 16).
(a) If X ¯ is the sample mean obtained from a random sample of 25 draws from this population, how is X ¯ distributed? Hint: a correct answer is more than just the name of the distribution.
(b) What is the probability of obtaining an X ¯ more than 2 standard deviations from the mean?
The change in the total quantity produced which results when one more worker is added to the production process is called
q1. in 2003 a seat on the chicago board of trade cbot sold for only 338000 compared to 2.0 million for on the new york
If policymakers increase aggregate demand, the price level
In your own words, explain the farmer’s optimal solution in the free market using marginal cost analysis. How might this solution be suboptimal from society’s perspective? Explain who benefits and is harmed under the free market solution.
Elucidate how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves.
q. 1. an investor buys a property for 1 million with 40 of the purchase price attributable to the land and the balance
Let’s say that we estimate the following regression where colli is a dummy equal to 1 if individual i went to college and 0 otherwise and disti is the distance in miles for individual i to the nearest college when i grew up. How do you interpret the ..
Suppose that the production of $1 million worth of steel in Canada requires $100,000 worth of taconite. Canada’s nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Calculate the effective rate of prot..
A set of cash flows begins at $200,000 at the end of year 1. It deceases by 10% at the end of year 2 and so on, until n = 10 years. If the MARR = 8%, what is the PW of the flow? Lucky Linda, a very good Avon salesperson, is averaging $100,000 per yea..
Assume the cost of a can was $5.10. In this case, to maximize its profit the firm illustrated in the figure above would
As an economist working at the International Monetary Fund, you are given the following data for Japan: observed per capita GDP, relative to the United States, is 0.760; predicted per capita GDP, given by y=k^1/3, is 1.06. What is total factor produc..
What aspects of the Glass-Steagall Act do you think Congress or the Executive Branch of government should consider reinstituting to prevent re-occurrence of the 2008 financial crisis (TARP -Troubled Assets Relief Program and the Stimulus); or, do you..
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