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Joans Nursery specializes in custom-designed landscaping for residential areas. The estimated labor cost associated with a particular landscaping proposal is based on the number of plantings of trees, shrubs, and so on to be used for the project. For cost-estimating purposes, managers use two hours of labor time for the planting of a medium-sized tree. Actual times from a sample of 10 plantings during the past month follow (times in hours).1.7, 1.5, 2.6, 2.2, 2.4, 2.3, 2.6, 3.0, 1.4, 2.3With a .05 level of significance, test to see whether the mean tree-planting time differs from two hours.
a. State the null and alternative hypotheses.
b. Compute the sample mean.
c. Compute the sample standard deviation.
d. What is the p-value?
e. What is your conclusion?
Use the following data on a firm's total cost schedules to calculate its average variable cost, average fixed cost, average total cost, and marginal cost schedules. Output Total
Describe the differences between the substitution effect of a wage increase and the income effect of a wage increase.
list of all theories of business cycle theories
A lobster catcher spends $12 500 per month to maintain a lobster boat. He plans to catch an average of 20 days per month during lobster season. For each day, he must allow approx
Why is GNP C+ I + G + (X- M)+ NR + NP. What is relationship between X - M and NR + NP
Suppose the price of Twinkies decreases from $1.45 to $1.25 and, as a result, the quantity of Twinkies demanded increases from 2,000 to 2,200. Using the midpoint method, the price
For the United States, the mean monthly Internet bill is $32.79 per household (CNBC, January 18, 2006). A sample of 50 households in a southern state showed a sample mean of $30.63
#questionKeynes liquidity Preference theory stipulates that money demand is negatively related to current income and positively related to interest rate..
Explain the term production function in the economics. Production Function A production function is the association between the quantity of inputs a firm utilizes and the qu
What is independent monetary policy Advantages: First, in a freely-floating exchange rate, the exchange rate must move down or up to correct a payments imbalance. Second, monet
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