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The Philadelphia Phillies defeated the Tampa Bay Rays 4 to 3 to win the 2008 major league baseball World Series. Earlier in the major league baseball playoffs, the Philadelphia Phillies defeated the Los Angeles Dodgers to win the National League Championship, while the Tampa Bay Rays defeated the Boston Red Sox to win the American League Championship. The file MLBSalaries contains the salaries for the 28 players on each of these four teams (USA Today Salary Database, October 2008). The data, shown in thousands of dollars, have been ordered from the highest salary to the lowest salary for each team. Analyze the salaries for the World Champion Philadelphia Phillies. What is the total payroll for the team? What is the median salary? What is the five-number summary? Were there salary outliers for the Philadelphia Phillies? If so, how many and what were the salary amounts? What is the total payroll for each of the other three teams? Develop the five-number summary for each team and identify any outliers.
Suppose the price of pork, an input in the production of hot dogs, increases. Which of the following accurately describes how the hotdog market is affected?
If you were the President of a large research-oriented medical school would you want your Board of Directors to invest in cigarette company stocks? Why or why not?
Under either a gold standard or a pegged-rate system, what changes in the money supply are necessary in order for effective adjustment to take place? Why are these changes necessary?
What is the optimal system of intellectual property rights to encourage innovation? Empirical evidence from economic history can help to inform important policy questions that have been difficult to answer with modern data: For example, does the exis..
What would be the percentage change in apple unit sales if the price of apples decreased by 10%? What would be the percentage change in apple unit sales if the price of pears increased by 5%? What would be the percentage change in apple unit sales if..
A monopolistically competitive firm is operating in the short run, is operating at the optimal level of output, and is earning positive economic profits. Describe how this industry will adjust in the long run.
Find the equal annual payment series that would be equivalent to the following increasing series of payments if the interest rate is 12% (a) compounded annually; (b) compounded continuously.
Describe where the liquidity-demand/money supply equilibrium appears on the graph. Suppose in this period the interest rate is i0. Is this higher or lower than the equilibrium interest rate? Will next period’s interest rate be higher or lower than th..
According to tournament theory:
Illustrate what way are entrepreneurs also businesses at the helm of the economy but commanded by consumers.
Why does the government have a bad reputation of being inefficient? And if it is inefficient in some areas and not others, does that mean they should privatize the inefficient responsibilities?
How does lean maintenance differ from the traditional approach under which a maintenance department has the responsibility for all maintenance functions? Which level on the maintenance performance hierarchy would you expect to find a lean maintenance..
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