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A certain population of the annual incomes of unskilled laborers has a standard deviation of $1200. A random sample of 36 such incomes results in a sample mean of $7280.
(a) Give a point estimate for the population mean annual income.
An empirical observation that led to the development of the supplier-induced demand hypothesis is that when the supply of physicians in a market increases, the price also increases, which defies the basic rules of supply of demand. Proposed policies ..
If we start with the premise that the US economy is a consumer driven (consumption) economy, would consumers saving their money hurt the economy? If there are more investment opportunities in the US vs other countries, doesn't this speak to the healt..
Assume that the TC function for a company is as follows: TC = 300 + 3Q + 2Q2. (a) What is the average total cost function for this firm? Provide your answer a
Explicate the difference between balanced growth strategy and unbalanced growth strategy.
Consider the demand for Ramen noodles. Suppose the price of Ramen noodles decreases. If Ramen noodles are a normal good, this will produce a _____ (choose: positive/negative) substitution effect and a ________ (choose: positive/negative) income effec..
Firm A and Firm B operate retail malls. Both are trying to determine whether to increase advertising budgets during the holiday season or to keep them constant. Because of contract cycles, Firm A will have to make a commitment regarding an advertisin..
Consider a situation in which U.S. interest rates are, for the most part, higher than interest rates of other nations. From the perspective of the International Fisher Effect, would you predict that the U.S. dollar will strengthen or weaken? In the c..
Angola economists are working on the country's figues. Find the (a) GDP deflator (b) Nominal GDP (c) Real GDP (d) what is the growth for Angolan GDP for 2013? If the 2013 price is $10, quantities = 50 million; While the year 2000, which is the base y..
The Kerwin Company had the following data (in thousands) for a given period: Sales $780 Direct materials 180 Direct labor 230 Indirect manufacturing costs 210 Selling and administrative expenses 130 There were no beginning or ending inventories. Comp..
Suppose that the price didn't change. Elucidate amount of income that Ms Ramirez has to give up to have the same level of utility as if the price had changed.
Keynes said it was the stock market crash of October, 1929 that was the trigger mechanism for the Great Contraction from 1929 to 1933. He believed that the crash caused expectations to become catastrophically pessimistic. Use the Keynesian Cross Mode..
What are the controversies associated with white collar exemption changes to FLSA? What is the unions objections. Which is better the current FLSA law or the change?
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