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A federal inspector visited an oil refinery for a routine inspection. He used a 99% confidence interval to estimate the true mean amount of sulfur contained in the fuel oil made by the refinery. His confidence interval was (1.91, 2.29). Which of the following is the best way to report or interpret this confidence interval?
a) We are 99% confident that the true mean amount of sulfur in the fuel oil is between 1.91 and 2.29.
b) There is a 99% chance that the true mean amount of sulfur in the fuel oil is between 1.91 and 2.29.
c) 99% of the fuel oil has between 1.91 and 2.29 units of sulfur in it.
d) There is a 99% chance that the sample mean amount of sulfur in the fuel oil is between 1.91 and 2.29.
Suppose the weekly demand for garden benches is Qd = D(P ) = 450 − 2P. What price must they charge if they want to sell 100 benches per week? What price must they charge if they want to sell 150 benches per week? What is Noah and Naomi’s inverse dema..
Inflations that have ever occurred in Zimbabwe. The causes of the inflation and some examples of the consequences. G.D.P of Zimbabwe and Unemployment. The causes and consequences and some examples of the causes and consequences.
Monetary and fiscal policies are the main macroeconomic tools by which government can influence the performance of an economy?
Considering the supply side of a market for a good, if a firms supply curve were vertical, then:
Their banks are holding back credit so it is harder for businesses to invest and for consumers to spend
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Find the utility maximizing ch..
Explain and discuss the difference between the original Phillips curve and the expectations- augmented Philips curve. Why did the original Phillips curve relation break down in the early 1970s? What are the policy implications of the non-accelerating..
For a manufacturing firm, and ideal output would be the one that resulted in MR=MC. But is it possible in the real world or is just theory? Also what should the firm do to establish ideal pricing, assume if the MR = MC is just a theory?
Of the four industry structures we discussed (monopoly, competition, oligopoly, monopolistic competition), very briefly what is the main advantage and disadvantage of each? Do you see a preferred/ideal industry structure? Why/why not?
What are the similarities and differences between the industrial organizations of perfect competition and monopoly.
That makes admissions a critical gatekeeper function for these schools. Given that, why don't admissions officers enjoy higher status.
Suppose every member of Congress genuinely believes that government expenditures are excessive and ought to be reduced by at least 10 percent. Why would this not be sufficient to assure a 10 percent reduction?
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