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Hypothesis Testing:
In the North American court system, a defendant is assumed innocent until proven guilty. In an ideal world, we would expect that the truly innocent always go free, whereas the truly guilty ones will always be convicted. Now, let us tackle the following questions?
a. In the context of the Type I error and Type II error, can you relate a court trial scenario in terms of these two errors?
b. What would be your ideal situation if you are the defendant?
c. What would be your ideal situation if you are the prosecuting attorney?
d. Lastly, what do you think of the scenario of an ideal world where we expect that no innocent will be found guilty and all guilty will be convicted in the context of Type I and Type II error?
Suppose that inverse demand is given by p(Q) = a-bQ, where Q is total quantity supplied in the market. There are two firms in the market, each with a cost function of c(q) = cq, now assume that the first firm moves before the second firm. Explain why..
I have noticed that politicians continue to advocate an increase in the minimum wage. Politics and political manoeuvring aside, is there an economic reason as to why a higher minimum wage would benefit the economy?
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. What type of preferences is mike exhibiting? Are Carl's preferences monotonic? How do you k..
what will happen to the value of the dollar? Use the demand-supply model of the dollar to explain.
Determine what are some of the philosophies that influenced Latin America? In what way did they impact the cultures of Latin America?
Assume re is a multiplier effect and that total crowding-out effect is $6 billion. An increase in government purchases of $10 billion will shift aggregate demand to left or right by how much.
In a situation that occurs only once, if you advertise and your rival advertises, you will each earn $5 million in profits. If neither of you advertises, your rival will make $4 million and you will make $2 million. What is the solution or equilibriu..
Non-enforcement of occupant loads have been at root of several large loss fires in past including Cocoanut Grove fire. Why is enforcement of this aspect of egress design so important. Examples from your own experience.
Suppose a uniform price monopolist is choosing a price along a linear demand curve. If at thecurrent output the value of the Elasticity of Demand is -1.1 and Marginal Cost is constant at$10, what is the price the monopolist will choose and what is..
Big Bucks Bank currently holds $20 million in excess reserves. If the Fed increases the rate of interest it pays on reserves held at the Fed, we would expect Big Bucks Bank to: use those excess reserves to increase its lending. hold more of those exc..
Illustrate what is standard inconsistent cost. Illustrate what is the marginal cost.
Use a money supply and demand diagram to answer the following problem: Everything else being the same, what is the effect of an increase in interest rates on the price level? Discuss the process of adjustment to the new equilibrium.
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