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We would like to test the hypotheses
H0: µ=130
HA:µ>130
We find t=2.73 with 5 degrees of freedom. What is the appropriate p-value.
Thoreau has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C, L) = CL. The household also has a home production technology summarized by a production function.
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables:
Assume the population is normally distributed. Construct 90% confidence interval to estimate the population variance, if the sample variance is 17 and sample size is 22. Enter the lower bound of the confidence interval.
Why do you think it is that few cities have converted their buses to natural gas? We have many cities that run all or most public vehicles on natural gas. Natural gas burns clean and has cleaner emissions. Is there a reason that all of our cities hav..
Total federal revenues as a percent of GDP (Gross Domestic Product), since at least World War II, have remained just under. At least one critic of the comparison of revenues as a percent of GDP has stated that the median and average percentage for ta..
Illustrate what are major arguments in case for income equality. Illustrate what are major arguments in case for income inequality.
With respect to Cobb Douglas preferences ,comment on the decomposition of the overall price effect into a substitution effect and an income effect. In particular , what happens to the demand for each of the two products when the price of one product,..
The inverse demand curve for widgets is P = 130−2Q. There are two firms, A and B, who produce widgets. Each firm has a constant marginal and average cost of producing the good that equals 10. Firms compete in quantities and they make their quantity c..
the original manufacturer is deciding whether they should continue production of the toy truck. If the estimated demand is $100,000 trucks, what is the breakeven price for the toy truck? Should you shut down?
(a) Develop a cost estimate of the project from NTT's perspective. (b) If NTT adds a profit margin of 35% to its costs, how much will it cost the state to fund
A tractor costs $19,195 and will be used for 5 years, at which time its estimated salvage value will be $4,000. Maintenance costs are estimated to be $100 for the first year, increasing by $100 each year thereafter. If i=12%, calculate the equivalent..
Calculate the midpoint price elasticity of demand between $9 and $10. Is the demand in this range elastic or inelastic? Calculate the midpoint price elasticity of demand between $10 and $11. Is the demand in this range elastic or inelastic?
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