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Based on a random sample of 20 values from a distribution with expected value (mu) and standard deviation (sigma), it was calculated that (X(hat) = 8) and (S=4). Provide a 95% confidence interval for the population expected value. (Note that as you are using an estimate of the standard deviation (S), yuou will want to use the T distribution.)
The difference between nominal GDP and real GDP is that nominal GDP:
Define and explain ‘Law of Diminishing Returns with the help of diagram. What are the different stages of production in the short run? Define and explain ‘Price Discrimination (PD)’ with the help of diagram. Also give examples of Price Discrimination..
Who do you think bears the economic burden of the payroll tax, firms or workers? How does your answer depend on the relative elasticities of supply and demand for workers? Provide specific examples to support your answers.
Suppose that there’s only one type of medical care (office visits) and that each visit costs $20. Consider now an insurance policy with a $100 deductible that pays for 80 percent of the consumer’s medical costs after that. What is the optimal quantit..
In planning for your retirement, you would like to withdraw $50,000 per year for 20 years. The first withdrawal will occur 20 years from today. What amount must you invest today if your return is 10% per year? What amount must you invest today if you..
Explain the concept of Pareto Improvements and give examples from purchases you made during the last Christmas/Holiday season. Explain the term Deadweight Loss and cite an example of a market situation that would create such a loss.
Drug Testing-Third Party Beneficiaries: Bath Iron Works (BIW) offered a job to Thomas Devine, contingent on Devine's passing a drug test. The testing was conducted by NorDx, a subcontractor of Roche Biomedical Laboratories. When NorDx found that Devi..
If $30 can buy a dozen roses in the United States, and purchasing power parity holds, then $30 should also be enough to buy a dozen roses in Turkey—or, more specifically, the Turkish lira equivalent of $30 should be sufficient to buy a dozen roses in..
Suppose a country enacts a tax policy that discourages investment. As a result, the value of the parameter ¯s now goes to a smaller value ¯s ′. Assuming that the economy starts at its initial steady state, use the Solow model to explain what happens ..
If there are no fixed costs of production, the q that solves the firm’s first-order condition is
Each bundle that the consumer chooses, draw the indifference curve that goes through that bundle.
Explain the difference between price and the price level. How is the price level measured? What do economists mean by the terms "nominal" and "real?" Are nominal statistics or a real statistics more useful? Provide a real-world example
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