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Correlation, Predication, Confidence, and Errors
This section examines correlation, estimating confidence, and margin of errors. Correlation is an important concept to understand, since often what is found in many areas of research is not cause, but a relationship that exists among variables. In chapter seven you will come to understand the importance of what correlation is and what it is not. You will also be introduced to prediction through some introductory regression analysis. This is important for anticipating results in research, and in many other areas of life.
Chapter eight explores confidence intervals and margins of error, and how to apply these statistics to measurements. No measurement is perfect. Therefore it becomes imperative that individuals understand that what is found in samples are not exact duplications of what is found in the population. However, we need to know how confident we are in the posted results, how close they are to those found in the population, and how much error we think is statistically possible in our results.
A natural monopolist has a cost structure C(q) = 400 + 25q and faces market demand D(p) = 200 - 2p. Solve for the monopolist's profit, output, and consumer surplus when price is set to average cost.
The optimal price for a monopolist facing different demand curves in two separate markets will be. People sometimes point to similar gas prices at competing gas stations as evidence of collusion when they could just be selling at market price. if thi..
Agree or disagree and explain your answer. "The typical firm in a monopolistic competitive market earns above normal profits because it sells a differentiated product and only produces up to the point where marginal revenue equals marginal cost."
Assume the technology for producing personal computers improves, and, at the same time, individuals discover new uses for personal computers so that there is a greater utilization of personal computers. Which if the following will happen to the equil..
What is cost-minimizing firm's expansion path will have vertical or horizontal segements.
positive levels of output and are zero if the monopolist shuts down. If current output level is 5, illustrate what should the monopolist do to increase profits.
Explain how are money cost and opportunity cost related to each other. If markets function well, they are closely related. They are always identical in any economic system.
Should innovation activities be linked to our efforts to develop a strategic advantage or should innovation efforts be experimental with an objective of finding products or services that may be profitable at some indefinite point?
Find examples in current news publications of the strategic responses of individual businesses to changes in currency exchange rates. Are these firms adapting to the changing international environment, or are they engaged in political action to tr..
If taxes were cut by 1 trillion adn the mpc was .8 how much would total spending. Increase in the first year with two spending cycles? Increase over an infinite time perios?
Companies 1 and 2 are fighting over a market segment initially held by Company 2. Company 1 has $K in reserves and company 2 has $L. Whenever the market is served by one company, the competing company can launch a price war by reducing the price. Wha..
Suppose the weekly demand for garden benches is Qd = D(P ) = 450 − 2P. What price must they charge if they want to sell 100 benches per week? What price must they charge if they want to sell 150 benches per week? What is Noah and Naomi’s inverse dema..
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