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1). Which is cheaper: eating in or dining out? The mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04. A sample of 100 neighborhood restaurants showed an average price of $12.75 with a standard deviation of $2 for a comparable restaurant meal. At 95% confidence, is there evidence to show that the average cost of a restaurant meal is less than fixing a comparable meal at home? What is your conclusion? Explain your conclusions.
2). The Coca-Cola company reported that the mean per capita annual sales of its beverages in the United States was 423 eight-ounce servings with a standard deviation of 101.9 ounces. Suppose you are curious whether the consumption of Coca-Cola beverages is higher in Atlanta, GA, the location of Coca-Cola's corporate headquarters. A sample of (36) individuals from the Atlanta area showed a sample mean annual consumption of 460.4 eight-ounce servings. Using a .01 level of significance, do the sample results support the conclusion that the mean annual consumption of Coca-Cola beverage products is higher in Atlanta? Compute the p-value and interpret its meaning. Explain your conclusions.
3). It is claimed that ten years ago 53% of American families owned stocks or stock funds. Sample data collected by the Investment Company Institute indicate that the percentage is now 46%. Using a 94% level of confidence, is there evidence to show the proportion of American families that currently own stock or stock funds is different from 53%? Compute the p-value and interpret its meaning. Explain your conclusions.
4). According to the University of Nevada Center for Logistics Management, 6% of all merchandise sold in the United States gets returned. A Houston department store sampled 80 items sold in January and found that 12 of the items returned. Is there evidence to show the proportion of returns at the Houston store was more than the national expectation at the .10 level of significance? Compute the p-value and interpret its meaning. Explain your conclusions.
What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
Laxland and Workland are two identical countries except that people in Workland work twice as hard of those in Laxland. Under all the usual HO assumptions what would be your prediction of the patterns of trade between these two countries?
Using the purchasing-power-parity theorem, explain what happens to the value of a currency if its domestic inflation is lower than foreign inflation.
apply the rule of 70 to solve the following problem. real gdp per person in mexico in 2005 was about 12000 per person
What are the impacts that the pharmaceutical company that makes the medications in question will experience? How will that affect the pharmaceutical company's production decisions? What about its decisions to conduct further research into new drug..
Why might a local resident be willing to pay more for an apartment complex in your hometown than might an investor from out-of-the-country who would use it for exactly the same purpose – housing tenants?
The additional benefits that arise by using an additional unit of the managerial control variable is defined as the:
Presume an economy's output depended on capital (K) and labor (L), and was determined by the function F(K,L) = 50(K^0.7)(L^0.3). Presently, there are 200 units of capital and 600 units of labor. Based on partial derivatives, by much would you expect ..
advantage of cheaper labor to manufacture items
One requirement for a European economy for joining the euro in 1999 was a cut in government deficit. Based on European Economy data as regards current account balances (CA), private savings, private investment, government spending and taxes (all as p..
Derive the firm's inverse demand for labor in the short run and derive the firm's inverse demands for labor and capital in the long run.
Create a realistic scenario that illustrates the aggregate-demand / aggregate-supply model. In your scenario, you should identify changes in specific variables that cause each curve to shift.
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