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Assume we are interested in looking at GRE scores of students admitted to graduate schools. Suppose GRE scores are Normally distributed with an average of 317 and a standard deviation of 11.5 points. Suppose we take a sample of 15 admitted students.
a. What is the probability that a randomly selected student will have a GRE score above 325?
b. What is the probability that a randomly selected student will have a GRE score under 312?
c. What is the probability that a randomly selected student will have a GRE score between 310 and 320?
d. What is the probability that the average GRE score from our sample of 15 students will be above 320?
e. What score defines the lowest 7.93% of the distribution for an individual student?
f. What score defines the highest 34.09% of the distribution for an individual student?
Assume that in a private closed economy consumption is $240 billion and investment is $50 billion, both at the $280 billion level of domestic output.
Which of the following will not result in a change in demand? (a) a change in income (b) a change in the good’s own price (c) a change in the price of a substitute (d) a change in preferences
a university spent 1.8 million to install solar panels atop a parking garage. these panels will have a capacity of
The U.S. market for hand sanitizer is controlled by a monopoly (firm I, for incumbent) that has a total cost given by TC(qi) = 0.025qi^2. The market demand for hand sanitizer is given by P = 50 – 0.1Q. What are the incumbent’s profits if it commits t..
How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is
A large percentage of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $1,000. What would happen to South Africa’s profit if it increased its production by 1,000 while R..
Calculate the expected value of an investment that has the following payoff frequency: a quarter of the time it will pay $2,000, half of the time it will pay $1,000 and the remaining time it will pay $0.
"The Neoclassical/Neoliberal Dogma," and chapter 6, "A Radical Economic Perspective," from Naming the System: Inequality and Work in the Global Economy by Michael D. Yates. Comparing the key arguments made by neoclassical and radical economists. T..
Why might governments nationalize firms and do they have added advantage or unfair one over the private owned firms? What are the different forms of terrorism and how can international managers meet this challenge?
Consider the production function q=4L^.3K^.8. In the short run, assume K=5. Derive formulas for Total Product, Average Product, and Marginal Product. Graph these three functions.
How do I verify the model requirements to conduct an appropriate hypothesis test?
a. If Luis claim for a refund is correct in amount, how much tax will he recover? b. What is the period that government-paid interest runs with respect to Luis
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