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A federal inspector visited an oil refinery for a routine inspection. He used a 99% confidence interval to estimate the true mean amount of sulfur contained in the fuel oil made by the refinery. His confidence interval was (1.91, 2.29). Which of the following is the best way to report or interpret this confidence interval?
a) We are 99% confident that the true mean amount of sulfur in the fuel oil is between 1.91 and 2.29.
b) There is a 99% chance that the true mean amount of sulfur in the fuel oil is between 1.91 and 2.29.
c) 99% of the fuel oil has between 1.91 and 2.29 units of sulfur in it.
d) There is a 99% chance that the sample mean amount of sulfur in the fuel oil is between 1.91 and 2.29.
HMK is a handbag making company. They have a forecasting team which provides them thedemand forecast for their product. The report provided by the forecasting team indicates the demand forecast for the next 6 months. It takes a handbag maker 15 minut..
Assume a monopolist faces a market demand curve P ?= 100 -? 2Q and has the short-run total cost function C= 640+ 20Q. What is the profit-maximizing level of output? What are profits?
For the following cash flow, compute the interest rate at which the $240 cost is equivalent to the subsequent benefits.
What effect does devaluation have on a nation's currency? can you think of a country that has devaluated or revaluated its curreny? what have been the results? what effect does a countrys economic have on international business?
Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO.
Explain how an increase in the rate of unemployment might suggest an improvement in economic conditions
Metro Limo also Urban Limo, operate nine passenger vans. These duopolists cannot compete with price, but they can compete through advertising.
Two companies, Lawnman Inc. and Tauro Co., are competing in the manufacture and sale of a new type of kryptonite-powered lawnmowers. Lawnman has a somewhat older plant and requires a variable cost of $150 per lawnmower; its fixed costs are $200,000 p..
The demand for a good is P=200-5Q. The supply is P=50+10Q. What is the equilibrium price and quantity? (Make sure you show all your work)
Coffee shops in a large city would appear to be examples of competitive markets: there are numerous relatively small sellers, each seller is a price-taker
a) Calculate the magnitude of WC's producer surplus in Wilwaukee's telephone industry. b) Calculate the deadweight loss in Wilwaukee's telephone industry
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