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Economists have estimated the following transportation elasticities. For each pair, explain possible reasons why the elasticities differ. a. elasticity of demand for buses is 0.23 during peak hours and 0.42 during off-peak hours b. elasticity of demand for buses is 0.7 in the short run and 1.5 in the long run c. elasticity or demand for toll roads is 4.7 for low-income commuters and 0.63 for high-income commuters.A study found that in California, where car vanity license plates cost $28.75, the elasticity of demand was 0.52. In Massachusetts, where vanity plates cost $50, the elasticity of demand was 3.52. a. Assuming vanity plates have zero production cost, was each state collecting the maximum revenue it could from vanity plates? Explain your reasoning. b. What recommendation would you have for each state to maximize revenue? c. Which state was most likely to be following a political unsupportable policy?
A mean score on a standardized test is 50 with a standard deviation of 10. Answer the following
Using this test 80% of Down's syndrome cases can be identified at birth, while 5% of normals are detected as positive. a. What is the sensitivity and specificity of the test?
Sales are above 671,000 copies, and 10% of the time, sales are above 712,000 copies. Find the mean and the variance of annual sales.
A survey of 600 non-fatal accidents showed that 251 involved the use of a cell phone. Find a point estimate for p, the population proportion of accidents that involved the use of a cell phone.
Calculate the P-value for the test of the hypothesis p1 - p2=0. Let p1 represent the population proportion of eligible students in Pennsylvania.
A report states that 46% of home owners had a vegetable garden. How large a sample is needed to estimate the true proportion of home owners who have vegetable gardens to within 3% with 96% confidence?
Below are scores for 10 randomly selected students on each exam. 95% confidence interval for the mean scores on?
What is the aim of multiple linear regression? Discriminate analysis? Canonical correlation? Multivariate analysis of variance?
What is the advantage of a randomized experiment in which the investigators randomly assign treatment conditions to subject over an observational study in which the subject self-select the treatment groups?
What is the probability of randomly selecting a sample of 50 one bedroom apartments in this town and getting a sample mean of less then $530 if the population standard deviation is $100?
Find the probability that at least one subject experiences headaches. Is it unusual to have at least one of six subjects experience headaches?
In Excel, which of the following functions is used to conduct a hypothesis test (using the p -value) for a population variance
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