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A machine makes drill bits. When the machine is operating correctly, the variance of the diameter of drill bits is no more than .04 inches. In a random sample of 81 drill bits, the sample variance was .07. Test the hypothesis at the 1% level that the machine is operating correctly.
Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. EXPLAIN what happens in the short-run if custo..
A lone shepherd can graze 10 sheep per year in a meadow. Each additional shepherd who uses the meadow reduces the number of sheep that can be maintained by one per shepherd. What are the net benefits to society of this outcome? What is the efficient ..
Using appropriate diagrams and notations,carefully explain the relationship b/n elasticity, total revenue and marginal revenue. 2,discuss the uses of elasticity of demand.
If the scatter plot between a dependent time series variable and an independent time series variable is curvilinear (curves upward over the data series) what should the forecaster investigate to improve the performance of a linear regression model fo..
Draw a supply and demand curve, label X & Y axis and show equilibrium. Show a shift in demand and supply, and why it has occurred (non-price determinants). Describe all changes. Show in two or more graphs and use 2 examples for each - supply and dema..
Do you favor tariffs and quotas by the U.S. on international trade? In what circumstances? What kinds of products? And why? Are you concerned about retaliatory tariffs and quotas as a result of our action? Are there economic-analytical consequences f..
Discuss an activity or process or product of Wal-Mart that exhibits economies or diseconomies of scale. Describe the source of the scale economy.
Select also research an industry where there has been a pattern of change in a particular market model
Elucidate which of the following events would cause the price differences in these letters to get smaller.
Using the formula for β^1 and β^0, show what will happen to the estimator of the slope and intercept in the SLR model if y is multiplied by the constant k, and at the same time x is multiplied by the constant m.
Explain why Blazo's performance from providing these services to ABC Company and other firms will decline if economic growth is reduced.
What is the unregulated competitive equilibrium. What is the unregulated monopoly equilibrium.
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