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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.
Presume that the government decides to guarantee an above-market price for a good by buying up any surplus at that above-market price. Using a conventional supply-demand diagram, illustrate the following gains and losses from such a price support: Th..
Find the interest rate Gene Milton borrowed a sum of $5,000 from his uncle be. After three years, he paid back a sum of $5,000 and paid another $1000 in the following year to pay off the Ioan.
The following figures are based on budget estimates of Government of India for the year 2001 – 2002
A consumption good
Consider two tax policies: a tax cut which will last for only 1 year and a tax cut that is expected to be permanent. Which policy will have the greater impact on aggregate demand Which is more likely to shift long-run aggregate supply
Which one, shirts or sweaters, has a demand elasticity that will allow you to increase the price, sell fewer units BUT still increase your revenues?
what is the levelized cost of electricity per kW-hr and Which press should you purchase if 120,000 nondefective units per year are produced by each press and all units can be sold?
Two banks have lent $20million each to a country in an Emerging Market. Bank A has total assets of $220 million and a capital to total assets ratio of 7 percent. Bank B has total assets of $350 million and a capital to total assets ratio of 6 perc..
The mayor’s economic adviser reminds her that she is focusing only on the price effect and ignoring the quantity effect. Explain why the mayor’s estimate of a one-third loss of revenue is likely to be an overestimate.
2) Due to expanded growth in a certain portion of the city, a new waste truck capacity is needed. An additional truck can be purchased now to replace the presently owned assets. The city uses a 5% interest rate for project evaluation. It is eco..
What one can expect from managerial economics class? How will one can contribute towards the success of the class and what are the expectations from other fellow students and the instructor?
The economic principle that consumers are willing to consume more of a good when price is low is depicted by the:
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