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The fuel economy of a 2011 Lexus RX 350 2WD 6 cylinder 3.5 L automatic 5−speed using premium fuel is a normally distributed random variable with a mean of μ = 20.5 MPG and a standard deviation of σ = 1.25 MPG.
(a) What is the standard error of X, the mean from a random sample of 16 fill−ups by one driver? (Round your answer to 4 decimal places.)
Standard error of X _____
(b) Within what interval would you expect the sample mean to fall, with 90 percent probability? (Round your answers to 4 decimal places.)
The interval is from ____ to _____
In a market research study conducted by a local winery on white wine preference, the following results were found. Of a sample of 500 men, 120 preferred white wine and of a sample of 500 women, 210 preferred white wine. What do you conclude at ? = .0..
Imagine you are consulting with a manager of a business that sells cleaning supplies to nursing homes. Your client wants to develop a marketing plan but has a small budget for marketing his business. How would you show your client the benefits of a m..
A manufacturer is contemplating introducing a product that is inferior to its competition in its performance, design, and functionality. However, the manufacturer believes that “good brand marketing” can overcome these shortfalls. Why is this thinkin..
A firm’s marginal cost curve above the average variable cost curve is equal to the firm’s individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price eq..
The manager of Green Chemical Co. has been informed that this year’s production target Q for organic fertilizer (in millions of tonnes) is 20. The manager is asked to allocate the production across the company’s two plants. How should the manager all..
When managed care was first emerging as the dominant form of health insurance, new MCOs competed fiercely for new enrollees, sometimes sacrificing short-term profit to increase their volume of policyholders. Why is the number of policyholders so impo..
What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance in a for-profit and not-for-profit organization? How do these differences and similarities affect the comp..
A decrease in the Discount Rate is an indication that monetary policy is contractionary.
The famous Swedish economist Assar Lindbeck remarked in his book on rent controls, “rent control appears to be the most efficient technique presently known to destroy a city-except ofr bombing”. Why would Professor Lindbeck think rent controls are de..
Competitive Model, Price Floors, Price Ceilings, Elasticity. Using the Supply and Demand model, show the equilibrium Price and equilibrium Quantity. Label the Consumer Surplus and Producer Surplus on your model.
Use an IS-LM diagram to illustrate Krugman's contention that fiscal policy is more effective as a macroeconomic policy tool when compared to monetary policy, given that the economy is in a liquidity trap.
What has been the economic effect of marijuana legalization in Nevada, California and all the states that have legalized both medical and recreation marijuana? What similarities or dissimilarities are there, when you compare marijuana legalization wi..
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