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Grand Junction Vegetables is a producer of a wide variety of frozen vegetables. The company president has asked you to determine if the weekly sales of 16-ounce packages of frozen broccoli has increased. The mean weekly number of sales per store has been 2,400 packages over the past 6 months. You have obtained a random sample of sales data from 134 stores for your study. You found x = 3; 593 packages and s = 4,919 packages. Do a hypothesis test at the ALPHA= :05 signicance level. *Remember n >/ 100*
Suppose each monopolist is allowed to sell both domestically and export the good. At what price will the good be traded? What quantity will each firm sell domestically and what quantity will it export?
A small consulting firm is only interested in hiring College graduates (denoted by S), but it does not know how many it should hire in order to be profit maximizing. Assume there is a competitive wage of $20 per hour and the production function is F(..
Based on the Unit 2 lecture and unit readings, describe the many ways the government affects economic activity. Explain the positive aspects of this government involvement. Now, explain the negative aspects of government involvement. Finally, describ..
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
Festwalia has two types of workers: low-skill workers, who earn $10 per hour, and high-skill workers, who earn $20 per hour. The government of Festwalia currently imposes a 20% proportional tax on all labor earnings. It is considering replacing this ..
According to the empirical evidence of La Porta and colleagues, which system appears to be more efficient? list one weakness with this evidence. Assuming that one system is more efficient than the other, why might a country that uses the less efficie..
According to the description of business fixed investment in this chapter, how would you expect a firm’s investment decisions to be affected by a sudden increase in the demand for its product? What factors would determine the speed of its reaction?
If we think about a model over time (dynamic), would depletion (production) from a non-renewable resource, we wouldn't have a traditional, static supply curve that is completely based on price. Would the classic demand curve still apply?
A study noted that they charged a price for local telephone services that was roughly one-half of its cost of providing the services.
She is now considering raising her prices by 20 percent to offset the increase in her monthly rent.
Rent controls place price ceilings on rents at levels below market equilibrium rental rates for the stated purpose of making housing more affordable for low-income families. Using demand and supply analysis, answer the following questions:
Chevron Corporation is one of the largest integrated oil companies in the world. Its management is assessing the world marketplace and taking steps to sustain the company’s competitive position. Faced with business competition on a global scale, Chev..
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