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Political polls typically sample randomly from the U.S population to investigate the percentage of voters who favor some candidate or issue. The number of people polled is usually on the order of 1000. Suppose that one such poll asks voters how they feel about the President's handling of the crisis in the financial markets. The results show that 575 out of the 1280 people polled say they either "approve" or "strongly approve" of the President's handling of this matter. Based on the sample referenced above, find a 95% confidence interval estimate for the proportion of the entire voter population who "approve" or "strongly approve" of the President's handling of the crisis in the financial markets.
Now, here's an interesting twist. If the same sample proportion was found in a sample twice as large-that is, 1150 out of 2560-how would this affect the confidence interval?
Consider the following firm with the production function Q=F(L)=2L^1/2. L=labor. Wage w=12. A fixed cost is FC=500(sunk cost). Derive the short run cost function. Graph this function using excel.
In the 1960’s a group medical practice (Health Insurance Plan or HIP) undertook a large scale randomized trial to evaluate the effectiveness of mammography. The researchers followed the subjects for five years and recorded the number of deaths due to..
Suppose the federal government coughs up the $3 billion needed to build a replacement for the Brent Spence bridge crossing the Ohio River between Cincinnati and Covington. Discuss why the impact of that project on the local economy would ultimately b..
You have just started a new job and one of the fringe benefits is a company contribution of $5,000 every year into a retirement savings account. Assuming the contribution amounts remain unchanged and that the account earns an average of 8% per year, ..
Answer the following questions about Keynesian vs. Classical view of economics. Marginal propensity to consume (MPC) is the slope of the Keynesian AEcurve. Using an equation and words, describe the relationship between MPCand the Keynesian spending m..
Based on the model of labor market, how does the monopsonist employer decide how much labor to use? Draw a graph to indicate labor supply, marginal cost and marginal product.
If "free trade" (or correctly called "global investor rights agreements")advantages richer nation corporations to the disadvantage of poorer nation firms, is this a new form of "protectionism"? Explain why or why not.
Assume that Wal-mart is the only employer of retail workers in a small town in Indiana. As a local non-discriminating monopsonist, Wal-mart faces a labor supply curve given by: E = 10W –100, where E is the number of workers hired each hour and w is t..
Suppose that fiscal policy changes output faster than it changes the price level. How might such timing play a role in the theory of political business cycles?
Suppose a firm doubles its output in the long run. At the same time the average cost of production remains unchanged. We can conclude that the firm is A) exploiting the economies of scale available to it. B) facing constant returns to scale. C) facin..
Suppose the government decides to raise the gasoline tax as a way of reducing air pollution and traffic congestion to their optimal levels. Which of the following describes why Pigovian taxes, such as gasoline tax, are unlike most other taxes?
Write a summary of how the United States and the other country differ. Which of the two countries has better prospects for the future and why? Provide a reasoned opinion.
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