Output in the base year other than real output

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Reference no: EM1311818

Q1. Suppose you "tested" several Firestone tires also recorded their failure times (as defined by an engineer). After doing a Chi-Square test, you decide that failures are "normally" distributed, with mean failure of 50,000 miles also a standard deviation of 10,000 miles. Conclude the following:

a. Reliability of the tries at 40,000 miles.

b. Given that a tire has been driven (on a test machine) 20,000 miles, conclude its reliability at 60,000 miles.

Q2. If nominal output is $5.28 trillion also the GDP deflator is 20 percent higher than what is the output in the base year other than real output?

Reference no: EM1311818

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