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The new management at a bakery claims that workers are now more productive than they were under old management, which is why wages have "generally increased. "Let Wib be Worker i's wage under the old management and let Wii be Worker i's wage after the change. The difference is Assume that the Di are a random sample from a Normal distribution. (i) Using the following data on 15 workers, construct an exact 95% confidence interval for _.
(ii) Formally state the null hypothesis that there has been no change in average wages. In particular, what is E(Di) under H0? If you are hired to examine the validity of the new management's claim, what is the relevant alternative hypothesis in terms of ?
(iii) Test the null hypothesis from part (ii) against the stated alternative at the 5% and 1% levels.
(iv) Obtain the p-value for the test in part (iii).
Which of the following scenarios could create cost-push inflation?• A large increase in government expenditure. • A large increase in the money supply.
The market for tortillas is perfectly competitive, with market demand for packages of tortillas given by P=1 .-00002Q, with price in dollars per package and Q in thousands of packages. The short-run marginal cost curve for a typical tortilla facto..
A factory benefits from discharging effluent, q, into a lake. The marginal benefit function is given by 60-2q. The pollution causes damages to two nearby communities. The marginal damages to Community A are 1q. The marginal damages to community B ..
Suppose that Mensa Inc. is a representative firm operating in a perfectly competitive industry. Mensa's total cost of production, TC, is given by the equation TC = 5,000 +5q2, where q is Mensa's output. How much profit does Mensa make at that outpu..
How might protective tariffs reduce both the imports and the exports of the nation that levies tariffs?
1. the three fundamental economic questions of what how and for whoma-exist because of scarcity.b-are much more serious
The marginal propensity to consume is 0.80. The income tax is equal to one-fourth of income. If the government decides to increase spending in order to increase output by Php 900
a) Suppose the inputs in problem 5 can be purchased at the same price per unit. Will production be relatively labor intensive or capital intensive b) Suppose input prices are PL= 40 and PK = 80 and the price of output is 10. Determine the optimal q..
A firm uses two variable inputs, labor, L, and raw materials, M, with typically shaped isoquants. It pays $20 per hour for L and $5 per unit for M. At the current mix of L and M, the marginal products of L and M are: MPL = 20 MPM = 4
Let MUa=z=10-x and MUb=z=21-2y, where z is marginal utility per dollar measured in units. x is the amount spent in product A. y is the amount spent on product B. Assume that the consumer that the consumer has $10
Comparing and contrasting three of the economists and their philosophies. In your summary, articulate only one economist you believe is most representative in today's U.S. economy and defend your position with persuasion
There is a single difference: we've changed the exponent on At in the production function of the output good so that there is now a diminishing marginal product to ideas in that sector. 1. Provide an economic interpretation for each equation.
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