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Suppose that the manager of a paint supply store wanted to estimate the correct amount of paint contained in one-gallon cans purchased from a nationally known manufacturer. It is known from the manufacturer’s specifications that the standard deviation of the amount of paint is equal to 0.02 gallon. A random sample of 50 cans is selected, and the average amount of paint per one-gallon can is 0.995 gallon. Set up a 99% confidence interval estimate of the true population average amount of paint included in a one-gallon can. Based on your results, do you think that the store owner has a right to complain to the manufacturer?
Depends on the evidence in this article and what you know about the economy in the United States, decide which of these statements is most likely to be true.
Explain how will the increase in unemployment benefits affect output and the price level in the short run and in the medium run.
the standard product of labor is 6 flutes per day also the marginal product of labor is 8 flutes per day.
illustrate what are short-run and long-run effects on aggregate price level and aggregate output. There is an increase in taxes on households. There is an increase in quantity of money. There is an increase in government purchases.
You are the manager of Taurus Technologies, and your sole competitor is Spyder Technologies. The two firms’ products are viewed as identical by most consumers. The relevant cost functions are C(Qi) = 4Qi, and the inverse market demand curve for this ..
Describe whether to raise price, the bank managers experimented with a number of higher prices (in 25 cent increments) at selected ATMs.
Small manufacturing company borrowed $1 million and repaid the loan through monthly payments of $20,000 for 2 years plus a single lump sum payment of $1 million at the end of 2 years.
Find a pop culture reference (from TV, movie, music, magazine...) of an economic concept. The reference can be anything we have covered in class.
He decides to assign his grades for his current course such that top 15% of students receive an A. What is lowest average a student can receive to earn an A.
Compute the opportunity costs of going to each concert. Based on the Cost-Benefit Principle, which concert is the best choice.
firms marginal cost curve crosses marginal revenue curve at an output level of 1,000 unit. What is firms current profit. What is likely to occur in this market and why.
what is the marginal utility of X? If a consumer moves downward along an indifference curve, what happens to the marginal utilities of X and Y? What happens to the MRS?
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