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A random sample of 79 eighth grade students score on a national mathematics assessment test has a mean score of 263. This test result prompts a state school administrator to declare that the mean score for the states eighth graders on this exam is more than 260. Assume the population standard deviation is 32. At x=11, is there enough evidence to support the administrators claim? Find the standardized test statistic z, and its corresponding area. z=?
Consider a Ricardian model with two goods, cheese C and wine W. The unit labor input requirements are: a LC = 3, a LW = 2, a LC * = 2 , a LW * = 1 (an asterisk denotes a foreign variable). The supply of labor in each country is 10. Which country has ..
An agricultural firm has a production function (products of the whole year) given by q = 500 SQRT(SF). q is output of agricultural products in pounds. S is land area in square feet. F is number of farmers working. Find the best way to produce 10000 p..
A monopoly consumer durable company faces a demand curve (in $) for its branded product described by P = 20 - 3Q. Its average variable cost equals $2 everywhere, up to its capacity level of 20 units of output. Fixed costs are equal to $10. There is n..
State whether each of the following events will result in a movement along the market demand curve for labor in electronics factories in China or whether it will cause the market demand curve for labor to shift. If the demand curve shifts, indicate w..
Write a four to five (4-5) page paper in which you: 1.Describe the business and explain the general pattern of change of the particular market model indicating how this change is likely to impact business operations. 2.Hypothesize the basic short-run..
Discuss how to close a recessionary gap. Discuss how to close an expansionary gap. What is the target and what happens if the policy "over-shoots?" What happens if a president tries to lower the unemployment to win the election? Did this ever happen?..
a. How much profit will the monopolist make? b. What is the deadweight loss created by this monopoly?
A) What is the level of output that maximizes profits, if any? Compute profit, if any? B) Should this firm continue producing if MR falls to $10? Explain.
Let’s say that there are many non-traded goods relative to traded goods. You are comparing the income of a rich country to the income of a poor country. For the poor country, do you expect PPP-adjusted income to be higher or lower than income calcula..
You are the manager of a firm that receives revenues of $60,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1..
If that one-time payment was $50M and Campbell applies a discount rate of 5% per year, then what is the present value of Campbell's gain from the acquisition?
An auto parts sales person receives a commission of 4.5% on net sales up to $10 000, 6% on the next $5 000 and 8% on any further net sales. If his gross sales for a month were $24 250 and sales returns & allowances were $855, what was his total commi..
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