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The manufacturer of a small utility trailer is interested in comparing the amount of fuel used in towing the trailer with that required to overcome the weight and wind resistance of a rooftop carrier. Over a standard test route at highway speeds, 8 trips with the trailer resulted in an average fuel consumption of 0.28 gallons, with a standard deviation of 0.03. Under similar conditions, 10 trips with the rooftop carrier led to an average consumption of 0.35 gallons, with a standard deviation of 0.05 gallons. Test the hypothesis by answering the following questions.
a. The pooled estimate of the common variance is .
b. The test statistic is .
c. The critical value of the test is .
d. At the .01 level of significance we are able to reject the null hypothesis. True
What is the critical value of the test?
Elucidate the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
The government has decided that the free-market price of cheese is too low. Suppose the government imposes a binding price floor in the cheese market. Draw a supply-and-demand diagram to show the effects of this policy on the price of cheese and the ..
Show the total and marginal products and indicate at each level of production whether the production function exhibits increasing, constant, or diminishing marginal productivity.
A Post Office is set up in the Constitution but no Central Bank was. Why didn't the founders of the US who wrote the Constitution include a bank? How did this omission hamper US economic growth and, more importantly, US economic stability?
Explain why general level of wages is high in United States and or industrially advanced countries.
Suppose a closed economy decides to lower taxes (assume Ricardian equivalence does not hold), all else held constant. What will happen to savings, investment, and the interest rate? Show graphically what happens (be sure to label curves, axes, equili..
What are the similarities and differences in free versus fair trade arrangements? How are these reflected in the actual prices of coffee? Are fair trade principles both an effective and economically efficient trading mechanism? Is fair trade coffee s..
q. after technological change has taken place in each nation the following table now applies in the absence of
LED light bulbs use only 20 to 25 percent of the energy used by traditional incandescent bulbs. Even if all consumers replace their old bulbs by the LED bulbs, do we expect that the arrival of LED light bulbs will decrease energy consumption for ligh..
Consider a labor market where the current equilibrium wage rate (W) is S5 and there are 50,000 individuals employed. Assume that the elasticity of demand for labor (ED) is equal to -0.2 and that the elasticity of supply (Es) is equal to 0.1. Now, if ..
Define the terms listed below. You should write a paragraph explaining each concept as if you were writing for your 15-year-old sibling (or a high school textbook). Fiscal Policy, The Multiplier Effect, Full Employment, Automatic Stabilizers
Public health information can be broadcast at a cost of $100. Public health information is a pure public good, in that many people can use the information simultaneously and preventing people from using the information is very difficult. One group of..
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