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An engineer designs an improved light bulb. The previous design had an average lifetime of 1200 hours. The mean lifetime of a random sample of 2000 new bulbs is found to have a mean lifetime of 1201 hours. Although the difference from the old mean lifetime of 1200 hours is quite small, the P-value is 0.03 and the effect is statistically significant at the 0.05 level. If, in fact, there is no difference between the mean lifetimes of the new and old designs, the researcher has:
a) committed a type 1 error
b) committed a type 2 error
c) a probability of being correct, which is equal to the P-value
d) a probability of being correct, which is equal to 1-(P-value)
Illustrate what implicit assumptions is the publisher also the analyst making about price elasticity.
Consider a perfectly competitive market with many homogenous exercise gyms. Exercise gyms have learned that customers tend to use the gym less often than the customer anticipated when she signed up.
The NFL wants to give the "common fan" the opportunity to attend the Super Bowl, Illustrate what is the equilibrium price also quantity.
Suppose that the government is debating whether to spend $100 billion today to address climate change.
Elucidate how a recessionary output gap would emerge in an economy where long-run aggregate supply curve is persistently shifting to right.
how much does the total amount of deposits in the banking system increase? By how much does the money supply increase. In the u.s. today, money includes which of the following items federal reserve bank notes in citibank's cash machines.
Which of the policies is/are a monetary? - Which of the policies is/are fiscal? - What are the differences between monetary policies and fiscal policies?
Compute Ikonomia's gross national expenditure (GNE), gross national income (GNI) and gross national disposable income (GNDI).
Suppose that a new law requires every firm to provide its workers with free parking spaces. These spaces are worth $200 per year to workers, but cost firms $500 per year to provide
illustrate what sales output and price should it set. what strategy would you recommend.
Illustrate what risks do you face. Upon inquiry at your bank, you find that the forward price for a September contract to buy dollars is 10SKr per dollar. How might you hedge your exchange-rate risk for the first year.
smaller multiplier means that change in government purchases of goods and services, government transfers, or taxes necessary to close an inflationary or recessionary gap is larger. How can you explain this apparent inconsistency.
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