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Market Research, Inc., wants to know if shoppers are sensitive to the prices of items sold in a supermarket. A random sample of 802 shoppers was obtained, and 378 of those supermarket shoppers were able to state the correct price of an item immediately after putting it into their cart. Test at the 7% level the null hypothesis that at least one-half of all shoppers are able to state the correct price.
Assume that skilled wages are twice that of unskilled wages, and that half of the population fits into each category, skilled and unskilled. Graph the Lorenz curve and calculate the gini coefficient.
APA format advising the President of Rodamia making recommendations for international trade.
What must saving rate be in initial steady state. What is marginal product of capital in initial steady state. Suppose that public policy rises saving rate so that economy reaches Golden Rule level of capital.
Using the broken window fallacy as described in “In The News” (p. 14 of Principles of Microeconomics), explain why some journalists, policy makers, and others proclaim that natural disasters are good for the economy in terms of eliminating old infras..
q1. it some respects karl marx could be thought of as one of the last of the classical economists. analyze this
Which of the subsequent correctly describes an external benefit resulting from A person's purchase of flu shots from a doctor.
Introductory economics textbooks usually first introduce the minimum wage as an application of demand and supply analysis. This initial discussion is usually based on the following assumptions: the labor market is perfectly competitive, the minimum w..
Henry Ford famously paid his workers more than the market wage. In 1914 he told his board of directors that he wanted to pay $3 a day when the going wage was $2.20. One of the board members snidely asked why not pay $4 or $5 a day; Why do you think t..
Offshore Petroleum's fixed costs are $2,500,000 and its debt repayment requirements are $1,000,000. Selling price per barrel of oil is $18 and variable costs per barrel are $10. Determine the breakeven output (in dollars). Determine the number of bar..
Many factors affect the supply and demand of carbonated sodas. Draw and accurately label a graph that shows a decrease in the supply of sodas to the market, you must accurately label the graph. What are the two most significant unintended economic co..
According to the Bureau of Labor Statistics, the distribution of consumer expenditures. If the negative income tax rate is set at 50 percent and the income floor is set at $5,000, a family that earns $3,000 would have a total income (including the in..
Certain environmental laws prohibit EPA from considering the costs of meeting various standards when the levels of the standards are set. Is this a good example of “putting first things first” or simply an unjustifiable waste of resources? Why?
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