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The waiting times? (in minutes) of a random sample of 22 people at a bank have a sample standard deviation of 3.6 minutes. Construct a confidence interval for the population variance σ2 and the population standard deviation σ. Use a 95 % level of confidence. Assume the sample is from a normally distributed population.
a. What is the confidence interval for the population variance σ2??. (Round to one decimal place.) Interpret the results.
b. What is the confidence interval for the population standard deviation sσ??. (Round to one decimal place.) Interpret the results
Suppose the production function for pasta is Q = 4kl. What is the long-run optimal input combination when Q = 16 , r = 4 , and w = 36 ?
What happens to capital per worker and output per worker if machines begin depreciating at a faster rate than they once did? Use a graph to help you discuss your answer. Describe what will happen to growth in the short-run and the long-run
while the foreign demand for the firm's product is P = 10 - 2 QF . Given this information, the total demand Q (where Q = QD + QF ) that this firm faces satisfies
In cost-benefit analysis, the government should intervene as long as
Does NAFTA affect the automobile industry's decisions on what to do with labor and capital costs? If so, how? In your opinion, was this trade agreement good for the United States and Mexico from an economic standpoint?
Why does a shortage that occurs under a binding price ceiling decrease over time?
If the government wants to move the economy back to the full-employment level of output and the MPC is 0.9, then it should reduce taxes by?
Between two production technologies firm can choose a new product line. If it installs expertise 1, it's annually costs.
Consider the owners of Cutitforme, a small lawn-mowing service. They can use one of two methods to mow lawns. Method 1 is to purchase a tractor that costs $200 a year to own and then spend $1 (for labor and gas) for every acre of grass cut. The total..
Your firm’s research department has estimated the income elasticity of demand for Art Deco lawn furniture to be -0.85. You have just learned that due to an upturn in the economy, consumer incomes are expected to rise by 5 percent next year. How will ..
How an airline executive might use tourism economics relating to passengers load factors, ticket prices discounts, frequent flyers programs, joint fares, flight frequencies.
What is consumer surplus and producer surplus? Create a diagram to explain your answer. On the same diagram, show what happens if a limit is imposed on the amount of a good that can be sold in the marketplace
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