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Let's see how students and faculty compare on a basic statistical question. Zuckerman, Hodgins, Zuckerman, and Rosenthal (1993) surveyed 550 people and asked a number of ques- tions on statistical issues. In one question a reviewer warned a researcher that she had a high probability of a Type I error because she had a small sample size. The researcher disagreed. Participants were asked, "Was the researcher correct?" The proportions of respondents, parti- tioned among students, assistant professors, associate professors, and full professors, who sided with the researcher and the total number of respondents in each category were as follows:
Students
Assistant Professors
Associate Professors
Full Professors
Proportion
.59
.34
.43
.51
Sample Size
17
175
134
182
(Note: These data mean that 59% of the 17 students who responded sided with the researcher. When you calculate the actual obtained frequencies, round to the nearest whole person.)
(a) Who do you think was correct?
(b) What do these data tell you about differences among groups of respondents? (Note: The researcher was correct. Our tests are specifically designed to hold the probability of a Type I error at a, regardless of the sample size.)
Demand for flower bouquets in a suburban town is described by: QD = 50 - 5 P + 2 Y, where Q is quantity, P is price per unit, and Y is an index of consumer income. Similarly, supply is described by QS = 10 P - 5.
What is the average of these five amounts?
Jon drops $100 bill. (no one in the economy holds currency). Bank keeps 5% of it's money in reserves. How much money can the bank initially lend out After this initial transaction by how much is the money in the economy changed
As a part of your comparison, indicate which of these theories developed the concept of a Liquidity Trap and what this does to the Demand for Money as part of that theory
Some time ago you put $500 into a bank account for a "rainy day". Since then, the bank has been paying you 1% per month, compounded monthly. Today, you checked the balance and found it to be $708.31. How long ago did you deposit the $500
Suppose a tax on beans of $0.05 per can is levied on firms. As a result of the tax, the equilibrium price increases from $0.20 to $0.22. What fraction of the incidence falls on consumers Suppose the supply elasticity is 0.6. What must the demand e..
suppose that the professor imposes a price floor of $15 per book. Sellers are pleased because they think that they will be able to get more money this way. How to calculate how much cash would the sellers receive from selling their books now
what will happen to equilibrium quantity od peanut butter traded in the market after the 30% increase in the price of peanut butter? stay the same, increase, decrease, or not enough information to tell what will be the expected change in the quant..
An industry has a supply curve MC (or P) $/unit = 10Q0.9. Demand follows P $/unit = 100 - Q1.1. Total external social cost (pollution) (in $ total) = 20Q1.2. What is the competitive equilibrium.
Which of the following is an example of an oligopolistic market structure?
The projects start to pay off in year 1 and continue to pay off all years thereafter. Interest is paid in perpetuity, in year 1 and every year thereafter. In addition, assume that if the projects are not done, then GDP=Q=C=$200 in all years, so th..
Professor Goodheart gives 3 midterm exams. He drops the lowest score and gives each student her average score on the other two exams. Polly Sigh is taking his course and has a 60 on her first exam. Let x2 be her score on the second exam
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