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1. Many people think that a national lobby's successful fight against gun control legislation is reflecting the will of a minority of Americans. A previous random sample of 4000 citizens yielded 2250 that are in favor of gun control legislation. How many citizens would need to be sampled if a 90% confidence interval was desired to estimate the true proportion to within 5%?
Disscuss the concept of dimand schedule
Describe when increase in price of what a company sells will lead to its total revenue to increase and determine the combined effect of increase in wages of farm workers and decrease in popularity of apples on demand, supply, price, and quantity of..
Suppose a firm sells in a competitive market at a fixed price of $12 per unit. The firm's cost function is C = 200 + 4Q. Determine the minimum quantity at which the firm can break even. Are there multiple break even points? Explain
Determine the selling price per unit that should be established for this product using your simulation results and assuming that the company wants to realize an average markup of $20 on each unit sold.
The service times at server i are exponential with rate ¼i, i = 1, 2, 3. If ¼1 = 7, ¼2 = 3 and ¼3 = 5, what proportion of time is each server idle?
Then water containing 1/2 lb of salt per gallon is poured into the tank at a rate of 2 gal/min and the mixture is allowed to leave at the same rate.
Calculate the price elasticity of demand for Type B consumers at the monopolist's profit maximizing price.
Should you use the ordinary least-squares (OLS) method or the two-stage least-squares method (2SLS) method for estimating industry demand for rutabagas? Explain briefly -
suppose that the economic boom raises the cost of labour and raw materials, so that additional cost of a starter house rise to $65,000.
College A is planning outsourcing their groundskeeping. They have been given a bid from Groundskeeper Willie for $250,000 a year, with the claim that he will keep school grounds in the same condition they are in now.
What fiscal policy would you recommend to eliminate the inflationary or recessionary gap in the following scenarios?
Calculate the break-even quantity, Calculate the break-even revenue and develop a chart to show profits at quantities.
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