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1. A researcher has taken a random sample of 8 observation from a normal population. Sample mean and standard deviations are 75 and 50 respectively. Using the 6 steps process of hypothesis testing.
-Can he infer at the 10% significance level that the population mean is less than 100?
-Can he infer at the 10% significance level that the population mean is less than 100 if population standard deviation is 50?
-Review the answers in (i) and (ii) and explain why the test statistics differed.
George has just finished the cost analysis of a brass pump with and without an interior coating.
Eddies precision shop is insured for $700,000. The present yearly insurance premium is $1.00 per $100 of coverage. A sprinkler system with an estimated life of 20 years and no salvage value can be installed for $20,000. Annual maintenance costs for t..
Do you think that will happen? Can you find anything that suggests that Automation will create more jobs rather than reduce them?
The unemployment rate is an example of a Federal Reserve
Industry studies often suggest that firms may have long-run average cost curves that show some output range over which there are economies of scale and a wide range of output over which long-run average cost is constant; finally, at very high output,..
Are You in Favor of the Social Security Program or Do You Think It Creates More Problems That It Solves?
A proposal has been made for improving the downtown area of a small town. The plan calls for banning vehicular traffic on the main street and turning this street into a pedestrian mall with tree plantings and other beautification features.
What is the discount factor in the repeated game model? What are the 4 factors which determine that magnitude of the discount factor? Briefly explain why the discount factor has to be sufficiently high in order make collusion feasible.
Test the claim that the proportion of wins at home is greater than on the road. Use the a = 0.01 significance level.
1. Suppose the free trade market price of a car is $25,000. It contains $10,000 worth of steel. The importing country imposes 40% tariff on car imports.
Suppose that the demand for corn is such that Q = 14 billion bu are consumed if the price is P = $4.00/bu, and Q = 16 billion bu are consumed if the price is P = $3.00/bu. Assuming that the corn demand can be represented by a linear equation going th..
Bob consumes only apples and bananas. He always prefers more apples to fewer, but he gets tired of bananas. If he consumes fewer than 29 bananas per week, he thinks that 1 banana is a perfect substitute for 1 apple. His indifference curve that contai..
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