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The management of the Delphi Corp. is considering a new method of assembling a carburetor assembly for racing cars. The present method requires an average of 24.0 minutes to assemble a carburetor. The average assembly time for a random sample of 25 carburetors, using the new method, was 20.0 minutes, and the standard deviation of the sample was 5 minutes. Using the .05 level of significance, can we conclude that the assembly time using the new method is faster? Using the hypothesis testing procedure:
State the alternate hypothesis. H1:
You would reject Ho if t is:
What is the calculated t value?
What is your statistical decision on H0?
Suppose that, for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Now consider one such ditch-digging firm that has five backhoes but employs..
Each bundle that the consumer chooses, draw the indifference curve that goes through that bundle.
Suppose that a certain industry is competitive and there are many firms all with the same cost function given by: LRTC=q3 - 2 q2 + 2q (MC = 3 q2 – 4 q + 2 ) The industry inverse demand curve is given by: p = 11 - .2 Q Find LR equilibrium q, Q, n, p, ..
Carefully define a standard normal distribution. Why does a researcher want to go from a normal distribution to a standard normal distribution? Explain. (250 words)
Although firm expects the order to be of 6 units, determine the minimum average cost of the firm with these different order sizes.
Assume you and your roommate have started a bagel deliver service on campus. List out some of your fixed costs and discuss why they are fixed.
What is the monopolistically competitive price and equilibrium number of firms? What is the aggregate increase in profits for firms in the coalition?
Consider the following market demand: QD = a – bP, where a, b > 0. At price P = 0.5(a/b), what is the absolute value of the price elasticity of this market demand? (NOTE: Write your answer in number format with two decimal places of precision. HINTS:..
Consider a firm in some foreign country producing a good as a monopoly. Its export demand function is given by Q=40- .5p. Its Total Cost function is given by TC=150+8Q, a) Determine its provit maximizing level of exports, and the export price the fir..
Under what circumstances is objective function more important than constraints in a linear programming model. Under what circumstances are constraints more important than objective function in a linear programming model.
Credit Card issuer have culture that focus on growth by targeting financially strapped people. Assume that you are a member of congress, what would you do? Create legislation that does not allow credit-card issuers to raise interest rates for those w..
Other things equal, what effect will each of the following have on the equilibrium price level and the level of real output?
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