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Scarcity and choice are the two essential ingredients of economic analysis. A good is scarce when the human desire or need for it exceeds the amount freely available. As a result, society must choose the most efficient manner of allocation of those scarce resources.
Based upon scarcity and choice, why is it not possible for governments to efficiently provide everyone with free healthcare and free higher education without there being negative effects to the aggregate economy?
Think about society's need to choose among competing resources and goals. How does personal gain affect choices by individuals and government? Opportunity costs. While we want to do one thing, we can't do others based upon scarcity and opportunity costs. Resources are finite. What about incentives as opposed to free offerings?
a consumer survey is trying to assess how much bad food is being purchased. bad foods are categorized into two types
Formulate a suitable null and alternative hypothesis to test the students' claim that they followed their instructor's recommendation at a 5% level of significance and interpret your findings.
In forestry there appears to be a correlation between the diameter of a tree at breast height and the totol height of the tree. For the following sample of ten white spruces first construct a scatter plot then find the correlation (r) between heig..
a web based software company is interested in estimating the proportion of individuals who use the firefox browser. in
Describe the probability distribution for the daily amount that Arnold must pay the specialist, and determine the average daily amount the specialist will receive.
Create a histogram of the time until first failure for this type of disc player. Then find a 95% confidence interval for the mean time until failure.
tire and auto supply is considering a 2-for-1 stock split. before the transaction is finalized at least two-thirds of
Construct a 99% confidence interval for the mean score of all students. Round each answer to one decimal place.
Do the police officers reflect the ethnic composition of the city s youth - Report says that, among all murders nationwide
1. A researcher believed that there was a difference in the amount of time boys and girls at 7th grade studied by using a two-tailed t test. Which of the following is the null hypothesis?
A pie company claims that the number of pies it sells daily is 1600. The President of the company wants to test the accuracy of this claim. He finds a random sample of 36 days' sales shows that the average daily sales were 1500 pies.
The discount rate used to evaluate such a business is 14.5%. The offer to purchase the business is $500,000. Evaluate this project and identify if it is worth
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