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1) A random sample of size 122 was taken from a population with a population mean 29 and a population standard deviation 4.
Determine each of the following about the sampling distribution of the sample mean.
a) μx=
b) σx =
Round your answer to at least 3 decimal places where appropriate.
c) Can we conclude that the sampling distribution of the sample mean is approximately normal?
Consider a competitive industry with a large number of firms, all of which have identical cost functions c(y) = y^2+ 1 for y > 0 and c(0) = 0. Suppose that initially the demand curve for this industry is given by D(p) = 52 − p. What is the supply cur..
Explain the inter-relationship between economic development and economic growth. Elucidate your answer with examples of countries that have high income per capita but low levels of development.
In thinking about monetary and fiscal policies there are a lot of models with different graphs involved. Let’s focus for a minute on some of the relationships between them. Graph an increase in the money supply and the most likely effect this will ha..
Assume the law of one price holds, if a nation experiences no inflation at home can it maintain constant prices and constant exchange rate in the long run
Find the value of the standard score, z, and determine whether to reject the null hypothesis at a 0.01 significance level. Is the alternative hypothesis support
Think of an externality in your community. Explain what type of externality it is. How can it be resolved (through the market and/or through government policies)?"
Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetratio..
Suppose that Canada decides to peg its dollar ($C, or the loonie) to the U.S. dollar at an exchange rate of $C1 = $US1. If the U.S. IS curve shifts to the left, will there be pressure for the Canadian dollar to change in value against the U.S. dollar..
Which of the following is true about customers in the zone of indifference?
Suppose two firms are competing in prices (Bertrand) in an industry where demand is p=200-4Q. If both firms have MC=120, what is the equilibrium quantity for each firm? Profits? Suppose one firm has MC=120 and one has MC=100. Approximately how much p..
Suppose that disposable income, consumption, and saving in some country are $400 billion, $350 billion, and $50 billion, respectively. Next, assume that disposable income increases by $40 billion, consumption rises by $32 billion, and saving goes up ..
Show an example of how to (1) derive compensating variation using indifference curves/budget constraints and (2) derive CV using expenditure function. Also, (3) compute expenditure function from cobb-douglas utility function and quasi linear utility ..
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