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These are review questions for an exam: can you please explain every step and where the valued originate from?
FRED's VW is a Volkswagen car dealer and repair service in Worcester. A random sample of 144 recent customers found that 24 of them reported inadequate service over the past year.
What is a good estimate for the true proportion of FRED's customers that received inadequate service? What is the sampling distribution model for a good estimator of this proportion?
What is the 99% confidence interval for your estimate of the proportion reporting inadequate service?
To find the confidence interval, find
VW USA says that according to their evidence from all US VW dealers, the proportion unhappy with service is 0.10. A blogger is arguing that FRED's VW offers particularly poor service. Does the statistical evidence back up his claim? Carry out a hypothesis test of his claim. Use all four steps. Be sure to take note of the comments on the review sheet on how to formulate hypotheses. Would the dealer prefer a Type I error of 1 percent, 5 percent or 10 percent?
Duality theorem may be used to detrive the product supply functions and input demand functions as well as to determine comparative static results for various behavioural models in economics. Which behavioral model is associated with the procedure tha..
Assume the? risk-free rate is 1.6%?, the market risk premium is 7% and? AllCity's tax rate is 35%.
Unemployment spells and long term unemployment. According to the data presented in this chapter, about 47% of unemployed workers leave unemployment each month. What is the probability that an unemployed worker will still be unemployed after one month..
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Discussion topic: You often hear about the trade-off between risk and reward. Is this trade-off part of the decision making under uncertainty when the decision makers use the Expected Monetary Value (EMV) criterion? For example, how does this work in..
1. Describe all four phases of a business cycle. 2. Identify and describe three most severe recessions of the 20th century in the United States. 3. What will happen to unemployment and inflation during a recession? Explain
If you look at what China and India's tariffs are, they are no where near to what the tariffs are in the United States. What do I mean by that? -- The tarries to import something from China into the United States is EXTREMELY low. However, importing ..
Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations: B(Q) = 100 + 36Q - 4Q2
Suppose that without trade, France is producing 50 units of cheese and 25 units of oilves, while Spain is producing 150 units of cheese and 100 units of olives. Now assume France specializes according to its comparative advantage and produces the max..
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