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From the data below:
1.4 -2.9 2.1 5 3.5 -6.3 3.2 -4.1 4.5 5 -1.8 4.5
a. State the appropriate null and alternative hypotheses to be used to determine if the standard deviation goal is being met.
b. Report the critical value(s) for this test using a significance level of 5%.
c. Report the test statistic.
d. Draw a conclusion and in one sentence interpret your results.
The long-term nature of the employment relationship: motivates household members to seek market work in order to earn an income. reduces the sensitivity of wage rates to changes in demand and supply.
A state highway department is trying to decide whether it should “hot-patch” a short section of an existing county road or resurface it. If the hot-patch method is used, approximately 300 cubic meters of material would be required at a cost of $700 p..
The demand for a product is Qd = 100 - 4P +3Px and supply is Qs = 10 +2P, where Q is the quantity of the product in thousands of units, P is the price of the product, and Px is the price of another good. When Px = 40, the equilibrium price of the pro..
Instead of putting price ceiling on medical service, some states (e.g. Texas) put cap on malpractice lawsuit compensation. In your opinion, does medical litigation promote the practice of defensive medicine?
Which characteristic would best be associated with pure competition and is a reason why economists suggest pure competition makes society better off?
We suggested above that an annually increasing renewal fee would be an efficient means of setting optimal patent life. Similarly, suppose that owners who wanted to restrict future use of their property had to pay a fee for each year that the restrict..
A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $2,700 per year, paid at the beginning of each year, in which case maintenance is provide. Alternatively, she can buy a use..
Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X+2Y UB(X,Y) = X*Y The initial endowments are: A: X = 2; Y = 8 B: X = 2; Y = 8 a) Using an Edgeworth Box, graph the initial allocation and draw t..
How will understanding these terms enhance management performance? Be specific in view of impact.
Monetary policy is clearly superior to fiscal policy in that it suffers less from..
The rate at which one input may be substituted for another input in the production process, while total output remains constant
If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits. When economic profit is positive,
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