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Discuss the following. what type of data can be examined using chi-squared test? What is the only constraint in using chi-squared test?, What problems can be caused by the way the data have been grouped
A cigar seller notices that the demand for cigars is highly inelastic. In an attempt to increase revenue, he lowers cigar prices. Explain briefly whether he has made the right or wrong decision and why? For full credit you have to use a diagram to ma..
What was the effective price you received for the motorcycle assuming an nominal interest rate of 8.5%? Show your answer to the nearest $.01.
Consider a market with one large firm and many small firms. The supply curve of the small firms taken together is S(p) = 100 + p. The market demand curve for the product is D(p) = 200 - p. The cost function for the one large rm is c(y) = 25y. (a) Sup..
Consider the 'pairs' of goods below. Which good in each pair is likely to have relatively more elastic demand? Why?: Sirloin steak or a dozen eggs Gasoline or Chevron gas specifically. iPhones or Androids
With adaptive expectations, what is the inevitable consequence of an active, expansionary monetary policy in the short and long run?
Consider a market where the demand curve is P = 1 − Q , and where there are no production costs. Find the Cournot equilibrium level of output for each firm. Find the level of output that maximizes total profit in the market. If the firms split the ou..
PC-World is a U.S. manufacturer of personal computers. The CEO is looking at opportunities for off-shore production. The selection of the country where PC-World will establish a production facility will depend on the following two factors: 1. The loc..
Business profits account for nearly one-third of the price Americans pay for typical goods and services. More than 75% of what Americans buy is made in the United States. The United States is a relatively closed economy. Americans are among the mo..
The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Based on t..
Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, Describe the economic outcome of this single-p..
Assume that we draw two random samples of students from Coles college of Business. One group includes 10 economics majors and another includes 30 finance majors. From these two groups we obtain the following statistics regarding the performance on th..
Which of these equations describes all combinations of pages of economics, E, and sociology, S, that she could read over the weekend?
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