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Human Resource Consulting (HRC) is surveying a sample of 60 Twin cities in order to study health care costs for a client. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports the mean of this distribution is $502 with a standard deviation of $100.
(a) Compute the standard error of the sample mean for HRC.
(b) What is the chance HRC finds a sample mean between $477 and $527?
(c) Calculate the likelihood that the sample mean is between $492 and $512.
(d) What is the probability the sample mean is greater than $550?
According to the neo-classical theory of wage setting, discrimination should be gradually weeded out of the labour market. Explain why this should be the case according to that theory. Discrimination, however, seems to endure.
Assume the following values for Figures 5.4a and 5.4b. Q1=20 bags. Q2=15 bags. Q3=27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price g is $31 ..
Suppose that there are two countries, X and Y, that differ in both their rates of investment and their population growth rates. In country X, investment is 20% of GDP, and the population grows at 0% per year. In country Y, investment is 5% of GDP,..
The daily production function of a lake is TP=30*F-F^2 (where TP=total daily harvest and F=number of fishermen per day). Suppose each potential sport fisherman on the lake has a daily opportunity cost of $20 and that each fish caught is valued at ..
Tamara received $500,000 from an insurance company. She wants to to deposit this in a savings account that earns interest at a rate of 6% compounded monthly. Then she would like to make 60 equal monthly withdraws over five years.
Suppose that the reserve requirement is 3% on the first 30 million of checkable deposits and 10% on the checkable deposits in excess of 30 million. (Amounts on the balance sheet are in millions of $) Assets- Reserves 15.9, Loans 150.0, Securities 3..
This machine will have an estimated service life of 10 years with a salvage value of 10% of the investment cost. Its annual net revenues are estimated to be $50,000. To expect a 20% rate of return on investment.
P = 800 - 0.16 If the goal of the transit authority was to maximize total revenues, what is the new price it should set Also, what would the total revenue raised in this new price scheme
Assume that a "leader country" has real GDP per capita of $40,000, whereas a "follower country" has real GDP per capita of $20,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 7 perc..
Assume that the market equilibrium rent for two-bedroom apartments in Santa Monica, California is $1500 per month and the quantity is 40,000 units. The city council of Santa Monica establishes a rent control of $1200 per month on two-bedroom apart..
1) What total output (Q1 + Q2) will you produce to maximize profits 2) Of the total output in part (1), how many units are produced at teh first facility (what is Q1) 3) Of the total out put in part (1), how many units are produced at the second faci..
2008 2009 Population 800,000 808,000 Number of hours worked 2,000,000,000 2,000,000,000 Real gdp 12,000,000,000 12,362,400,000 Real gdp per capita Labor productivity What was the growth rate of the population between 2008 and 2009
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