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A recent survey of gasoline prices indicated that the national average was $4.098 per gallon. The Dallas Automobile Club claimed that gasoline in Texas was significantly lower than the national average. A survey covering 10 different suburbs in Dallas found the average price of gasoline to be $3.924 per gallon with a population standard deviation of $0.053. What critical value should be used to test the claim using α = 0.01?
Bob and Ray are two economics majors who are sharing an apartment for the year. In a flea market they spot a 25 year old sofa that would look great in their living room. Bob's utility function for money and sofas is uB(S,MB)=(1+S)MB and Ray's utility..
1. What is Ordinary Least Squares? What is Maximum Likelihood Estimation?
If a perfectly competitive firm is a price taker, then
(a) What is the aggregate supply function for umbrella? What is the equilibrium price and quantity sold? (b) The domestic industry lobbies for protection and Congress agrees to input a $3 tariff on foreign umbrellas. What is the new U.S. price for ..
a. What are her accounting costs? b. What are her opportunity costs?
Describe state capitalism in China and explain what policies China uses for its economy. Explain why China has been so successful so far. Explain what the potential challenges for continued success in China might be.
Suppose a chemical factory discharges waste products into a river resulting in significant damages to a local fishery. The marginal damage and the marginal abatement cost (MAC) are given by:
Use a supply and demand graph to show the likely impact of subsidized student loans on the price and quantity of student enrolments. Are there other ways in which the subsidies might distort the incentives of university administrators?
Suppose GDP is $15 trillion, taxes are $3 trillion, private saving is $2 trillion, and public saving is -$0.5 trillion. Assuming this economy is closed, calculate consumption, government purchases, national saving, and investment. Explain your answer..
After all values have been entered, display a report showing each of the monthly sales amounts and the percentage contribution of the individual monthly sales figure to the overall total sales.
Explain how labor market equilibrium is affected by the supply also demand of labor.
q1. in recent years the value of the dollar had declined relative to the euro. what does that mean for european
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