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For 40 eruptions of the Old Faithful Geyser in Yellowstone National Park, duration times (sec) were recorded along with the time intervals (min) after the eruptions. The linear correlation coefficient is r=.687 and the regression equation is y^ = 47.4 + .180x, where x represents duration time. The mean of the 40 duration times is 245.0 sec and the mean of the 40 interval times is 91.4 min. What is the best predicted interval time following an eruption with a duration time of 120 min?
Cost minimization for a given level of production is equivalent or identical to the concept of product maximization for a given cost level.
Present in detail the following two theories/models associated with “post-Heckscher-Ohlin” trade theory. In the case of each theory/model, be sure to indicate important characteristics of real-world international trade that the theory/model is attemp..
Assume that your preference relation \succeq can be represented by a utility function. Show that your preference relation must then be rational, i.e. complete, transitive, and reflexive.
“The high price of gasoline is hurting our economy” said Mark Kirsch, a trucker in April of 2008 when Gasoline prices were at all-time highs due to $100/bbl. + oil prices. “Its hurting middle class people.” Explain to truck drivers why a government i..
A farm must decide whether or not to purchase a new tractor. The tractor will reduce costs by $2,000 in the first year, $2,500 in the second year, and $3,000 in the third year, and $3,000 in the fourth year. what would happen to the present value of ..
Suppose the Irish economy is at full employment. Suppose in a few months, the exchange rate of the Irish national currency, the punt, will decline, giving the Irish relatively less purchasing power in foreign markets. What will happen to the price le..
How has the tightening of consumer credited effected individual spending and in turn the U.S. economy? Has this strategy by the financial institutions helped our economic recovery?
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. what would be the n..
Define the Demand Curve, and distinguish between Demand and Quantity Demanded. Define the Supply Curve, and distinguish between Supply and Quantity Supplied. Define Equilibrium in an economics context. (A statement such as “balance” is insufficient).
Suppose that your production facility can only produce 1,000,000 pills per year. Illustrate what is your optimal price and quantity given the production constraint.
Discuss the differences between unemployment and underemployment and give examples of each. Which do you think is a more serious “problem” for the economy? How might underemployment be addressed through government policy?
What might you expect in the way of cultural differences from a business point of view if you were to go to France, Saudi Arabia, Brazil or China? What do you think people from France, Saudi Arabia, Brazil or China might expect from American culture.
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