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Econometrics - Hypothesis testing.
How many people should you survey? You want to take a random sample of likely voters in order to estimate the proportion (p) of voters in that population who prefer candidate A over candidate B. You need to decide how large a sample you should take.
(a) It’s expensive to survey many people, so in your first try you just go ahead and take a modest sample of size 40. In this sample, 25 people support A. Based on this sample, compute a 95% confidence interval for p. Can you reject, at 5% significance, that the candidates have equal support (p = 0.5)?
(b) Suppose that, in fact, p = 0.51 (that’s in the population, not in your sample). How large will your sample size n need to be in order to detect such a departure from 0.50 (equal support) with 5% significance (i.e. give you enough power to detect a difference of 0.01)?
HomeGrown is a small restaurant that specializes in serving local fruits, vegetables and meats. The company has chosen to enter into a long-term relationship with Family Farms, a local farming operation. If HomeGrown’s lawyers charge $120 per hour, h..
Demand for a softback managerial economics text is given by Q=20,000-300P. The book is initially priced at $30. Compute the point price elasticity of demand at P= $30. If the objective is to increase total revenue, should the price be increased or de..
Which nation has comparative advantage in wheat production? In cotton production. Which nation has absolute advantage in wheat production.
Begin thinking of a business problem that could be solved with a technology solution for a company or organization you are familiar with
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