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Individuals are often classified as being morbidly obese if they are 100 pounds overweight. Imagine that the population proportion of morbidly obese individuals in the country as a whole is 1.5%. 1. How large does n need to be to use the standard normal distribution for hypothesis testing? 2. You obtain information on 500 individuals from a town and calculate the sample proportion to be 3%. 3. Calculate a 93% confidence interval for sample proportion? 4. Does the confidence interval include the population proportion? 5. What is the probability that the sample proportion is equal to the population proportion?
Discuss how you can use the laws of demand and supply to explain the following scenarios: After world gasoline prices jumped in the late 2000s, global bicycle sales rose to more than 1 million per month. the employees at the gasoline station would ha..
Kevin owns a farm near Harker Heights, TX, with a farmhouse, barn, and other structures permanently attached. Kevin grows soybeans on the property. A pond lies within the boundaries. Chandler owns a duplex that he leases to Mimi and Kevin. Chandler m..
An apparel manufacturing plant has estimated the variable cost to be $21 per unit. Fixed costs are $1M per year. Forty percent of its business is with one preferred customer and the customer is charged at cost (without profit). The remaining 60% of t..
Explain how many units of housing would the government have to increase the provider of housing in order to get the market equilibrium rental cost.
The Beef-Up Ranch feeds cattle for Midwestern farmers and delivers them to process- ing plants in Topeka, Kansas, and Tulsa, Oklahoma. The ranch must determine the amounts of cattle feed to buy so that various nutritional requirements are met while m..
Consider the market for bonds in the secondary market. Predict what would happen to the price of the bonds and the interest rate for each of the following scenarios: Savers consider that stocks are riskier than bonds. Both the demand and supply of bo..
Illustrate what is that technology and how does it change the marginal and average product. Please list any sources used.
Which firm would you expect to make the lowest profits, other things equal? Bertrand oligopolist. Cournot oligopolist. Sweezy oligopolist Stackelberg leader
The real interest rate is 4 percent, and the nominal interest rate is 6 percent. What is the anticipated rate of inflation?
Assume in the retail-trade industry, unionized workers earn 19.0% more than non-unionized workers do. Briefly explain how the “product market” effect may operate in this industry. If the product market effect were large, would that suggest that the 1..
Take a sample of thirty households from two counties A and B and collect data on their incomes for the past month. The information obtained (in thousands of dollars) and their corresponding frequencies is given below:
A micro-brewery is considering the installation of a newly designed boiler system that burns the dried, spent malt and barley grains from the brewing process. The boiler will produce process steam that powers the majority of the brewery’s energy oper..
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