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Question: The mayor of Gotham City, worried about a potential epidemic of deadly influenza this winter, asks an economic adviser the following series of questions. Determine whether a question requires the economic adviser to make a positive assessment or a normative assessment.
a. How much vaccine will be in stock in the city by the end of November?
b. If we offer to pay 10% more per dose to the pharmaceutical companies providing the vaccines, will they provide additional doses?
c. If there is a shortage of vaccine in the city, whom should we vaccinate first-the elderly or the veryyoung? (Assume that a person from one group has an equal likelihood of dying from influenza as a person from the other group.)
d. If the city charges $25 per shot, how many people will pay?
e. If the city charges $25 per shot, it will make a profit of $10 per shot, money that can go to pay for inoculating poor people. Should the city engage in such a scheme?
In a survey conducted by the Gallup Organization, respondents were asked. "What is your favorite sport to watch?"
The MH Company manufactures resistors with an ideal resistance value of 400 ohms. A sample of 2 000 resistors were tested and found to have a mean resistance.
Write a research report based on a hypothetical research study. Conducting research and writing a report is common practice for many students and practitioners in any of the behavioral sciences fields.
The dispatcher at a central fire station has observed that the time between calls is an exponential random variable with a mean of 32 minutes.
Estimate (1) by the usual OLS routine and obtain the residuals, uˆt . Incidentally, note that you can have more than one X variable in the model.
In looking at your business, when and why would you want to use a one-sample mean test (either z or t) or a two-sample t-test? Create a null and alternate hypothesis for one of these issues. How would you use the results?
The profit from each acre of corn is $240; the profit from each acre of tobacco is $450. The Adams family wants to know how many acres of each crop to plant in order to maximize their profit.
Find a study in a professional journal that uses a type of probability distribution covered in these chapters. Write a brief report describing this study and how the researcher used this tool to communicate the impact of the information discovered..
1. In 1803, Napoleon sold the Louisiana Territory to the United States for $0.04 per acre. In 2014, the average value of an acre at this location is $10,000.
A $125,000 tractor-trailer is being depreciated by the SL method over five years to a final BV of zero. Halfyear convention does not apply to this asset.
Formulate the problem as a linear program. Interpret the resulting model as a network-flow problem. Draw the corresponding network diagram.
Briefly describe how simulation could be used to assist decision makers in regards to new product development? Give an example of how Decision analysis could be used to determine an optimal strategy? Briefly describe several decision alternatives a ..
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