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The mean height of women in a country? (ages 20-?29) is 64.3 inches. A random sample of 50 women in this age group is selected. What is the probability that the mean height for the sample is greater than 65 ?inches? Assume σ=2.57
List four different sources of externalities associated with education service that make it likely that an inefficiently small amount of the service would be provided in competitive equilibrium without gov intervention. Explain why each source you li..
Jack owns an auto repair shop, specializing in European cars. With three full-time mechanics, Jack's shop repairs/services 15 cars per week. Each worker is paid $500 per week. Suppose Jack's weekly fixed costs is $1500. Assuming he is a profit maximi..
Javier is travelling from his home in New York to Dallas, Texas. While driving through Oklahoma, his brakes fail and he is injured in the ensuing crash. Javier wants to sue the maker of his car, Energy-Auto Inc. Energy's headquarters is in New York. ..
A nation using union labor monopolies to produce a product can export its surplus at a lower global price to those nations that are more efficient producers of the same product and as a result make the consumers in the exporting nations better off. F..
A large wood products company is negotiating a contract to sell plywood overseas. The fixed cost that can be allocated to the production of the plywood is $800,000 per month. The variable cost per thousand board feet is $155.50. For this situation, d..
Assume that for the last worker hired MPL=4, MR=2, and W=4, and if one more worker is hired MPL=3, MR=2, and W=4. Given this information, the firm- should leave employment unchanged, should increase employment.
According to BIGresearch, holiday shoppers spent an average of $373 over the Thanksgiving weekend in 2008. The following data show the amount spent by a random sample of holiday shoppers during the same weekend in this year: $427 $274 $370 $238 $222 ..
Explain why fitting a line of best fit through observed price and quantity combinations over time is not likely to yield good estimates - If a firm uses only capital and labour, show why the cost minimising combination of inputs sets
If a city government implements the living wage concept as a basis for paying its employees should it use the same minimum for all workers, or should workers with larger families receeive more? what would be the pros and cons of each approach?
If it had doubled its land as well as labor, production would have been 325000 bushels. Does it have increasing, decreasing or constant returns to scale.
Gross Domestic Product is defined as. If we add up the value of every final good and service produced in the economy, we must get a total that is exactly equal to the value of. To include in GDP the value of the parts used in producing a car along w..
How could you graphically illustrate economic profits made by a perfectly competitive industry, a monopolist industry and a monopolistic competitive industry.
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