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1. Agri-Beef Inc. operates cattle feed lots in several midwestern states. The company wishes to estimate the average daily weight gainof cattle on their lots. To do this a simple random sample of cattle is taken and the daily weight gain is recorded. The data below, in pounds, represent the results of the sample.
8.7
6.1
9.8
6.5
8.3
6.3
5.8
8.0
5.1
7.0
6.0
7.9
a. Construct a 95% confidence interval estimate for the true daily weight gain. b. Construct a 99% confidence interval estimate for the true daily weight gain. c. Discuss the differences between the two estimates found in parts a and b and indicate the advantages and disadvantages of each.
2. A survey of 400 women for the American Orthopedic Foot and Ancle Society revealed that 38% wear flats to work.
a. Use this sample information to develop a 99% confidence interval for the population proportion of women who wear flats to work.
b. Suppose the society wished to estimate the proportion of women who wear athletic shoes to work and the proportion of women who wear flats to work within a margin of error of 0.01 (one percentage point) with 95% confidence. Determine the sample size required.
Suppose that some variable is growing at constant rate. a. Prove that the natural logarithm of that variable is a linea r function of time. b. Find the intercept and slope of the linear function in part a.
Suppose annual salaries for sales associates from a particular store have a mean of $32,500 and a standard deviation of $2,500. Calculate and interpret the z-score for a sales associate who makes $36000. Suppose that the distribution of annual sa..
If they both choose the Casual line, they will each make profits of $1000 per week. If Bells chooses Formal while Follies chooses Casual, then Bells will make $500 and Follies will make $1500 per week. If Bells chooses Casual while Follies choos..
A firm sells its product in a perfectly competitive market where other firms charge a price of $130 per unit. The firm's total costs are C(Q) = 40 + 10Q + 2Q2. a. How much output should the firm produce in the short run?units
If a random sample of 400 customers is selected, what is the probability of Type I error using this decision rule?
Find (all) the partial derivatives (e.g. ?u/?x and ?u/?y) of the following functions: 1. Q(p,I) = 300 - 3p - 4I 2. u(x,y) = 10xy 3. u(x,y) = ax? y? 4. z = (x+y)2 5. z = 2x3-11x2y +3y2
Suppose the demand for a product is given by P = 50 - Q. Also, the supply is given by P = 10 + 3Q. If a $12 per unit excise tax is levied on the buyers of a good, after the tax,what is the total quantity of the good sold.
What is the cost function, marginal cost function, and average cost function for each plant? b) What is the efficient scale and minimum average cost for each plant? c) What is the cost function for the firm?
A labor economist estimates a regression of log earnings on schooling, experience, ability, as measured through, and interactions in schooling and experience,
A packaging company needs to know the rate of return on a process which will cost $60,000, have an income of $25,000 per year, have an operating cost of $5,600 per year, and have a salvage value of $7,000 at the end of its five year life.
In the derivation of the Solow growth model, we assumed that government spending and taxes less transfers were both zero. Relax that assumption and assume that both are constant graction of GDP, say T = G = gammaY. What is the steady state level o..
The manufacture has determined that men value a simple microwave at $70 and one with auto-defrost at $80 while women value a simple microwave at $80 and one with auto-defrost at $150. If there is an equal number of men and women, what pricing str..
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