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You are a workers’ compensation claims analyst working for a large manufacturing organization (worker’s compensation is a worker injury protection; it pays medical and other expenses for workers who were injured on the job). A key part of your responsibilities is to “reserve” a certain amount of funds for each workers’ compensation claim you process, which is necessary for making sure that each injury claim has adequate funds to pay its costs. This requires you to forecast, or estimate the expected future cost of each claim, which is both time-consuming and difficult, as there are multiple factors (such as the nature of injury, worker’s age, the nature of accident, etc.) that determine the ultimate cost of individual claims. Having a lot of historical data (past claims), you decide to use regression analysis to help you forecast the expected cost of the individual workers’ compensation claims. Discuss how you would use regression to help you with your task—specifically, explain how you would go about evaluating the goodness-of-fit and the predictive efficacy of your model.
Compute the MRS of other goods for airline miles; i.e., the MRS that represents the slope of the indifference curves when x1 is on the horizontal and x2 is on the vertical axis.
A Fenway park, home of the Boston Red Sox, seating is limited to 39.000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue.
Suppose the USA and Canada are considering to trade. Assume there are only two goods in the economy: wheat and corn. The table below illustrates what each nation can produce in a given year.
Illustrate what role does Macroeconomics play in your personal financial decisions and that of your place of work or firm you are familiar with.
Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
Elucidate why is private property, and the protection of property rights, so critical to the success of the market system.
In some states, mining for coal leaves large amounts of rubble, which poses flooding problems; causes land damage also is unsightly.
Probabilities of A and B performing successfully for 1,500 times are .96 and .92, respectively, and are independent. What is probability that product will operate properly 1,500 or more times.
Presumptuous the demand curves were linear or graphically demonstrate your reasoning.
external benefit generated by sale of marginal widget is $100, regardless of how many widgets are purchased.
If today's production of capital goods exceeds the depreciation of capital.
The structural engineering design section within the engineering department of a regional electrical utility corporation has developed numerous standard designs
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