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Based on a random sample of 20 values from a distribution with expected value (mu) and standard deviation (sigma), it was calculated that (X(hat) = 8) and (S=4). Provide a 95% confidence interval for the population expected value. (Note that as you are using an estimate of the standard deviation (S), yuou will want to use the T distribution.)
When the price of some important commodity or service rises rapidly, governments face pressure to do something about it. A variety of options are commonly considered. Governments can, and often do, subsidize the supply of goods seen as vital, commonl..
Is the Affordable Health Care Act (Obama Care) good for America? Explain why or why not? What would you put in place or how would you improve the current system?
Suppose Jilbo can make 18 flower pots or 2 coffee mugs per day. Her cousin Jimbo can make 10 flower pots or 6 coffee mugs per day. What is the opportunity cost for Jimbo of producing 1 flower pot? or 10 flower pots? Who has the comparative advantage ..
When prices are (P1, P2)= (1,2), the consumer demands (X1, X2) = (1,2). When prices are (Q1, Q2) = (2,1), the consumer demands (Y1, Y2) = (2,1). Is this consumer behaviour consistent with Weak Axiom of revealed preference? Calculate the own price ela..
If the quantity of housing supplied in a community is greater than the quantity of houses demanded, the existing price:
After viewing the video clip from Cool Hand Luke, first consider how marginal benefits and marginal costs fit in to Luke’s decision, and how the concept of diminishing marginal utility is at work as Luke eats more and more eggs. What is driving his m..
You have discovered that when the required rate of return on a bond you own fell by 0.5 percent from 8.9 percent to 8.4 percent, the fair present value rose from $945 to $955. What is the duration of this bond? Assume annual payments.
Suppose there is a single consumer with U = Sl, where S is steaks and l is leisure time. The Consumer is endowed with one unit of leisure time, and the production for steaks is S = l / c , where c >0 is a constant. Find the equilibrium consumption of..
Elucidate how many rounds of golf also games of curling will Seignior Cruz play in a week. Give an economic interpretation for the value of the Lagrangian Multiplier.
Illustrate the situation: Firm X develops a new product and gets a head start in its production. Other firms try to produce a similar product but discover they have higher average total costs than the existing firm.
Discuss the capture of the regulatory agency and your prediction as to the capture of the replacement regulatory agency and the politicians in the future.
Wally is an ordinary (one-price) monopoly supplier of widgets. True or False: If Wally’s customers could get together and offer him a one-time payment in exchange for being allowed to buy widgets at a competitive price, then both they and he could be..
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