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A consumer advocate group has contacted us about a new line of fluorescent light bulbs manufactured by Bright Ideas, Inc. The company claims their new bulbs have an average lifespan of at least 10,000 hours with a standard deviation of 1,700 hours and have agreed to send us a shipment of 32 bulbs for our examination. We will assume the manufacturer's claims are true and that the lifespans of the bulbs are normally distributed. Suppose we randomly select one of the bulbs from the shipment. i. Find the probability that the lifespan of the bulb will be less than 6,500 hours. Interpret your result. ii. Find the probability that the lifespan of the bulb will be somewhere between 9,000 and 13,000 hours. Interpret your result. iii. Find the probability that the lifespan of the bulb will be more than 12,000 hours. Interpret your result. iv. What lifespan represents the third quartile? Interpret your result. v. What lifespan represents the 95th percentile?
Design a simple econometric research project
Multiplicative decomposition method
The Australian government administers two programs that affect the market for cigarettes.
Solve the forecast model
What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).
Explain why this model violates the assumption of no perfect collinearity. Write the t statistic for testing the null hypothesis
What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
Determine when a competitively produced product generates negative externalities in production, the industry will,
Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.
M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.
Auto Data manufactures custom engineering testing machine. The following 5-orders are currently in the design department:
Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.
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