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Suppose that a license (medallion) is required for a taxicab. The city has issued a fixed number of licenses and refuses to issue any more. The number issued is such that taxicab drivers are price takers, but (excluding the cost of the license) they earn economic profits of $100,000 a year. The city does not charge for a license. What is the opportunity cost of the license? Is there a barrier to entry as defined in this chapter? Is there a barrier to the entry of productive resources into the provision of taxicab services?
This information was also obtained from monitored calls. At the .05 significance level does it take longer to resolve software issues? What is the p-value?
a developer of a new subdivision wants to build homes that are all different. there are three different interior plans
The manufacturer of an airport baggage scanning machine claims it can handle an average of 530 bags per hour.
A random variable has a standard deviation of 16, and an unknown mean. Find the lowest size of a simple random sample so that the sample mean estimates the population mean with a standard error no larger than 0.25.
The sports expert reported that 202 of 454 athletes in the random sample were women. Is this strong evidence that the participation rate may have increased?
major league baseball mlb uses a best of 7 series to determine the winner for the finals the winner must win 4 games.
A simple random sample of 30 repairs made by this company is taken. The sample average is $97, and the SD is $17. Assume that the repair cost has a normal curve.
in a poisson probability problem the rate of errors is one every two hours. to find the probability of three defects in
Describing the results of a hypothesis test of two populations or more than two populations. Include the following: Perform the five-step hypothesis test on data pertaining to your selection.
the reliability of a computer system is often measured in terms of life-length of a specific hardware component. in
The American Bankers Association collects data on the use of credit cards, debit cards, personal checks, and cash when consumers pay for in-store purchases (The Wall Street Journal, December 16, 2003). In 1999, the following usages were reported.
suppose that the mean g.p.a. of a group of high school students is 3.0 with a standard deviation of 0.3. their math sat
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