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The times spent studying by students in the week before final exams follows a normal distribution with standard deviation 8 hours. A random sample of four students was taken in order to estimate the mean study time for the population of all students.
a.) What is the probability that the sample mean exceeds the population mean by more than 2 hours?
b.) What is the probability that the sample mean is more than 3 hours below the population mean?
c.) What is the probability that the sample mean differs from the population mean by more than 4 hours?
d.) Suppose that a second (independant) random sample of 10 students was taken. Without doing the calculations, state whether the probabilities in parts (a), (b), and (c) would be higher, lower, or the same for the seocnd sample.
Libertyville has two optometrists, Dr. Jones (J) and Dr. Smith (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist, in thousands of dollars, is listed on the payoff matrix below
Why does an initial $400 billion annual decrease in consumption spending make income fall by more than $400 billion per year. Explain why an initial change in planned aggregate expenditure results in a much larger change in equlibrium income.
what would this price be in order to eliminate the deadweight loss. Show and explain. Why would the monopoly not charge this price? Show and explain.
Describe the major characteristics of monopolistic competition and oligopoly.
Using the AD-AS model, if consumers and business become more optimistic about the future direction of the economy and increase spending, then: aggregate demand will decrease, aggregate demand will increase.
Two major areas of health care reform involve universal access and containing costs. List the specific options discussed in your text that work toward these reforms.
In an up-coming textbook chapter you will learn that wages reflect the productivity of labor. That is, higher productivity brings higher wages, and vice versa. How do the readings in this group cast doubt on this morsel of theory.
Consider the firms short run decision to hire workers. Suppose that a firm produces goods for sale in the perfectly competitive market. labor markets are competitive as well.
Calculate the monthly consumer surplus for each group before and after the rate increase. Your boss wants a measure of the losses to each group from the rate increase.
This basic one costs $4,000 for the employee this year, plus $2,500 for the spouse, and $2,500 for any number of children. It also has a family deductible amount of $2,000 before benefits (80% paid; 20% co-insurance) kick in.
Choose either the European Union or the North American Free Trade Arrangement, and answer the given questions based on your choice:
How much revenue does McBurger currently earn based on the information above and is McBurger maximizing its revenues
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