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Please review the following questions and provide a detailed answer for each one. They are from Introduction to statistics. Thanks!
1. Given a standard normal variable z, find the cutoff value separating the top 2.5% of the values from the rest of the distribution.
2 Heights of men are normally distributed with mean 69 inches and standard deviation 2.8 inches. Find the height of a doorway so that only 3% of men would not fit through the door.
Membership in Mensa requires an IQ score above 131.5. Nine candidates take IQ tests and their summary results indicate that their mean IQ score is 133 (1Q scores are normally distributed with a mean of 100 and a standard deviation of 15).
3. If one person is selected from the general population, find the probability of finding someone with an IQ score of at least 133.
4. If 9 people are randomly selected from the population, find the probability that their mean IQ score is at least 133.
Suppose the congress decides to reduce unemployment compensation. Use our model of the labor market to predict what would happen to real wages.
Suppose in the beer market the price is originally $3 per 6-pack (on Wednesday). When the price rises to $6 (on Friday), the quantity demanded for beer falls from 200 6-packs to 60 6-packs. Calculate the arc price elasticity of demand for six packs o..
If a perfectly competitive firm raises its price above the prevailing market rate, how much of its sales might it lose? Why? Can a competitive firm ever raise its prices? If so, when? How does an employer-paid Social Security tax on wages affect a co..
What would the expected value for the West Green be?
Choose five ads from business publications such as the Wall Street Journal, Fortune, or Bloomberg Business Week. For each ad, write a description of how you think the company has segmented the business market.
Bob and Jane decide to open their own business selling ergonomically correct office furniture that Jane has designed. Assume they operate this business from leased office space near their home. Is Bob & Jane's economic profit different from their acc..
q1. consider the supply curve qs 4p. what happens to the price elasticity of supply along the curve as the quantity
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase the German products, our demand for euro is going up or down? ..
An auto producer announces a credible three-year development plan to introduce a car with a revolutionary new engine capable of 100 miles per gallon. Describe the likely impact of the introduction on the price of gasoline during the three-year period..
a. What is the probability of finding only one case of unmixed drugs? b. What is the probability of finding five cases of unmixed drugs?
ITT Corporation in the most recent period reported current sales receipts of $542 million, current operating expenditures of $577 million and net new debt issued of $5 million. What change in holdings of financial assets must have occurred over the p..
Consider the production function for bottled water. All of the following would be considered variable inputs except:
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