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1. An automatic saw at a local lumber mill cuts 2-by-4s to an average length of 121 inches. Because the saw is a mechanical device, not all the boards are 121 inches long. In fact, the distribution of lengths has a variance of 0.16. a) The 2x4s are sold as being 10 feet in length (120 inches). What is the proportion of boards cut by this process that are less than the advertised length?b) The saw operator took a sample of 36 boards. If the saw is set correctly, what is the probability the average length of the sample boards is more than 120.9 inches?c) What should the saw operator conclude if she finds the sample to have an average length greater than 121.2 inches?
2. A sample of 500 business professionals found that 30% chose an airline based on price.a) If the population proportion of all business professionals who select an airline based on price is 0.27, then what is the probability that we would find a sample proportion of 0.30 or more in a sample of 500?b) If the population proportion of all business professionals who select an airline based on price is 0.29, then what is the probability that we would find a sample proportion of 0.30 or more in a sample of 500?
Explain how do changes in interest rates, inflation, productivity and income affect exchange rates.
The average weekly earnings of bus drivers in a city are $950 with a standard deviation of $45. Assume that we select a random sample of 81 bus drivers.
Describe a moral hazard problem your company is facing. What is the source of the asymmetric information? Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,00..
Effects on the exchange rate among the British pound and the Japanese yen.
Among which of these methods of encouraging growth would you suggest to a newly industrialized economy.
Compute the price elasticity of demand.
Suppose there are two risky assets, D and E. D has an expected return of 6% and standard deviation of 15%. E has expected return of 9% and standard deviation 25%. The correlation between the two assets is 0.2. The risk-free rate is 1%. a. Find..
Suppose that the banking system has no excess reserves. Calculate the maximum amount of check-writing deposits when bank reserves total $10,000 and the reserve requirement;
During Dec. 2007 and Dec. 2008, measured RGDP in economy fell by 1 percent as the US economy sank into a recession. Over that same time period total employment in terms of hours worked declined by 3.7 percent
The XYZ Corporation has estimated the expected cash flows for 1996 to be as follows, Calculate Expected value, Standard deviation, Coefficient of variation
Illustrate what is the impact of shifts of the aggregate demand curve on potential output.
The annual demand for coffee by the U.S consumers is Q = 250 - 10P. Compute the lost consumer surplus?
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