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1- How heavy a load (pounds) is needed to pull apart pieces of Douglas fir 4 inches long and 1.5 inches square? Here are data from students doing a laboratory exercise: a) We are willing to regard the wood pieces prepared for the lab session as an SRS of all similar pieces of Douglas fir. Engineers also commonly assume that characteristics of materials vary Normally. Make a graph to show the shape of the distribution for these data. Does it appear safe to assume that the Normality condition is satisfied? Suppose that the strength of pieces of wood like these follows a Normal distribution with standard deviation 3000 pounds. b) Give a 95% confidence interval for the mean load required to pull the wood apart. 2- Sulfur compounds cause "off-odors" in wine, so winemakers want to know the odor threshold, the lowest concentration of a compound that the human nose can detect. The odor threshold for dimethyl sulfide (DMS) in trained wine tasters is about 25 micrograms per liter of wine (μg/l). The untrained noses of consumers may be less sensitive, however. Here are the DMS odor thresholds for 10 untrained students: a) Assume that the standard deviation of the odor threshold for untrained noses is known to be σ = 7 μg/l. Briefly discuss the other two "simple conditions," using a stemplot to verify that the distribution is roughly symmetric with no outliers. b) Give a 95% confidence interval for the mean DMS odor threshold among all students. 3- Athletes performing in bright sunlight often smear black eye grease under their eyes to reduce glare. Does eye grease work? In one study, 16 student subjects took a test of sensitivity to contrast after = hours facing into bright sun, both with and without eye grease. This is a matched pairs design. Here are the differences in sensitivity, with eye grease minus without eye grease:9 We want to know whether eye grease increases sensitivity on the average. a) What are the null and alternative hypotheses? Say in words what mean μ your hypotheses concern. b) Suppose that the subjects are an SRS of all young people with normal vision, that contrast differences follow a Normal distribution in this population, and that the standard deviation of differences is = 0.22. Carry out a test of significance.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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