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Two hospital emergency rooms use different procedures for triage of their patients. We want to test the claim that the mean waiting time of patients is the same for both hospitals. The 40 randomly selected subjects from one hospital produce a mean of 18.3 minutes. The 50 randomly selected patients from the other hospital produce a mean of 25.31 minutes. Assume a s1 = 2.1 minutes and s2 = 2.92 minutes. Set up the null hypothesis to determine if there is a difference in the mean waiting time between the two hospitals.
Find the probability of getting three aces, of getting four aces, of getting five aces, of getting six aces, and of getting three aces or more.
Mary wants to buy a house but does not want to get a loan. Her dream house has an average price of $500,000 and its price is growing at 5 percent per year. How much should Mary invest in a project at the end of each year for the next 5 years in order..
1. For each of the following economic conditions, place an X in the table to indicate theappropriate range in the Aggregate Supply Curve
How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and cap..
How do externalities affect markets? Suppose a common resource –wood in a public forest- is being overused because residents consider the benefit of gaining firewood or wood for building but do not account for the cost of deforestation when chopping ..
Jeff has found the perfect retirement account that will provide him 5% interest compounded monthly?
There are two possible states of the world next year. If you keep your job, your income is equal to your labor market earnings E plus your non-labor income Y. Consider a graph with “keep job payoff” on the horizontal axis, and “lose job payoff” on th..
The value of the firm is the:
In which of the following market structures can firms earn economic profits in the long run?
Describe the benefits and costs associated with each type of externality. What happens to the Supply and/or Demand curve in each of your examples.
Consider a monopolist who faces the following market demand curve: Q = 100 – 0.5 p, 0 ≤ p ≤ 200 = 0, p > 200. The monopolist’s cost function is TC(Q) = 20 Q + Q2. What is the profit maximized uniform price? Calculate the profit at the price obtained ..
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