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A perfectly competitive firm is a price taker. That is, no matter how much the firm produces, it can always sell its product at the current price. In other words, a perfectly competitive firm has no control over price; it simply treats the price of its output as given. Suppose that in a given economic sector, 40% of all the firms are expected to be perfectly competitive. If 15 firms from that sector are randomly selected, then
a. What is the probability that no more than 10 firms are perfectly competitive?
b. What is the probability that at least 6 of the selected firms are perfectly competitive?
At the .01 significance level, is there a relationship between job pressure and age?
Test the hypothesis that no difference exists between the groups at α = .05 and perform and report all related tests and statistics.
Use this information to construct a probability table, and then calculate each of the following probabilities:
Recent actual and forecasted data for product XYZ is given in the following table.
Determine the z values for 29 and 34 hours. What percent of the garages take between 32 hours and 34 hours to erect?
What is the 95% confidence interval for the true mean length of the bolt?
At the .05 level of significance, can we conclude that those joining Weight Reducers on average will lose less than 10 pounds? Determine the p-value.
At α = .05, is there a difference in variances? Illustrate all steps clearly, including the illustration of the decision rule.
Assume the population standard deviations are not the same. At the .05 significance level, is there a difference in the mean waiting time?
The results of a recent poll on the preference of shoppers regarding two products are shown below.
To test whether the population standard deviation differ significantly using Chi-Square test.
Forecast the number of deliveries utilizing exponential smoothing constant for different values also compare it. A hospital records the number of floral deliveries its patients receive every day.
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