Estimate the mean yearly milk consumption

Assignment Help Business Economics
Reference no: EM131240599

The US Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 35 people reveals the mean consumption to be 60 gallons with a population standard deviation of 20 gallons.

A. Develop a 90%, and 95% confidence interval for the population mean

B. Would it be reasonable to conclude that the population mean is 63 gallons?

Reference no: EM131240599

Questions Cloud

Create upward-sloping supply curves for firms : Explain why upward-sloping labor supply curves to firms cause the marginal expense of labor to exceed the wage rate? b) Why would labor-mobility costs create upward-sloping supply curves for firms?
The marginal propensity to consume : Using the classical model of chapter 3, suppose taxes decrease by $100 while government spending is constant. Also, the marginal propensity to consume is 0.90. For a, b, and c below, tell how much each of the following change, if at all, and in which..
The government raises the minimum wage : The government raises the minimum wage by 30%. Using the four Hicks-Marshall rules of derived demand as they apply to a particular industry (for example, you could pick the fast food industry), analyze the conditions under which job loss among teenag..
Find the equilibrium wage and number of painters in market : Consider the market for interior painters. The demand curve for painters is L = 19 – w, and the supply curve is L = 4 + 2w, where L is the number of painters and w is wage. Find the equilibrium wage and number of painters in this market. Graph your w..
Estimate the mean yearly milk consumption : The US Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 35 people reveals the mean consumption to be 60 gallons with a population standard deviation of 20 gallons. Develop a 90%, and 95% confidence interval for the popul..
Nature and structure of labor markets : Borrowing from Kalleberg, Lazonick, and Meyerson’s “How the American South…”, and “Forty-Year Slump,” compare and contrast the two macro employment systems (1945-1975 and 1975-present) in terms of key employment outcomes and indicate which system und..
Human resource consulting surveyed random sample : Human Resource Consulting surveyed a random sample of 60 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that employees must pay. Compute the stan..
Hindering progress towards greater regional cooperation : Evaluate the progress and prospects of integration between two established regional groupings (NAFTA, ASEAN, CEFTA, Andean Pact, CIS, APEC, etc.). The written comparison should synthesize the theories of international trade and finance to evaluate th..
Characteristics of supply and demand : Explain the law of supply, and why the supply curve slopes upward? How is the market supply curve derived from the supply curves of individual producers? Identify what are the major determinants of price elasticity of demand?

Reviews

Write a Review

Business Economics Questions & Answers

  Consulting firm of sands-gravel-concrete and waters

Rose is a Project Manager at the civil engineering consulting firm of Sands, Gravel, Concrete, and Waters, Inc. She has been collecting data on a project however not all the data is available. She has been able to find out that the 10th pillar requir..

  Shifts in the aggregate supply curves

Shifts in the Aggregate Supply Curves a. List and discuss the things that will make the Short Run Aggregate Supply curve shift to the left or to the right. Illustrate. b. List and discuss the things that will make the Long Run Aggregate Supply curve ..

  What pricing strategy will yield the greatest revenue

A manufacturer of microwaves has discovered that male shoppers have little value for microwaves and attribute almost no extra value to an auto-defrost feature. Female shoppers generally value microwaves more than men and attribute greater value to th..

  Illustrate what money supply should the fed set in year

Illustrate what money supply should the Fed set in year 2009 if it wants to keep the price level stable.

  Steady-state natural rate of unemployment

If there were 2 million unemployed Thailand had a job-finding rate of 15% per month, how many people would lose jobs each month.

  The economy to the full employment level

To apply supply side economics, given that only 40% of the tax credits given to businesses are reinvested, how much tax credit do investors need to move the economy to the full employment level? You should assume that consumption and government spend..

  Which cumulative expenditures are increased

which cumulative expenditures are increased. Raising taxes also government expenditure by the same amount such which cumulative provide is decreased also cumulative demand is increased.

  Qsensitivity analysis using excellane construction ltd is

q.sensitivity analysis using excellane construction ltd. is considering the acquisition of a new eighteen wheeler.-the

  Party to the trans-pacific partnership

Canada is a party to the Trans-Pacific Partnership (TPP) deal reached on October 5, 2015. The TPP is a free trade agreement between Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, Vietnam an..

  Qyou are watching national news broadcast with your parents

q.you are watching national news broadcast with your parents. the news anchor clarifies that the exchange rate for the

  Exporting vs FDI-the proximity-concentration trade-off

Your firm wants to sell its product in each of several foreign countries, and you must decide whether to do so by exporting or by producing locally for that market through FDI. If you export to a given country located at a distance d, what would the ..

  Changes in marginal cost have no effect

Over Illustrate range will changes in marginal cost have no effect on CDW's profit-maximizing level of output.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd