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Suppose that the manager of a paint supply store wanted to estimate the correct amount of paint contained in one-gallon cans purchased from a nationally known manufacturer. It is known from the manufacturer’s specifications that the standard deviation of the amount of paint is equal to 0.02 gallon. A random sample of 50 cans is selected, and the average amount of paint per one-gallon can is 0.995 gallon. Set up a 99% confidence interval estimate of the true population average amount of paint included in a one-gallon can. Based on your results, do you think that the store owner has a right to complain to the manufacturer?
Find out the probability of a 5%-level test rejecting the null hypothesis when the true mean impurity concentration is 2.10%.
Explain how the circular flow diagram relates to the current economic situation.
A labor economist wants to know the relationship between education (measured by years of schooling) and annual earnings (measured in $1000). A random sample of 222 workers revealed a correction coefficient of 0.88. Based on the coefficient, Among the..
q.hiro nakamura is ceo of the cola king bottling company a small regional producer operating in the pacific northwest.
the congressional research service estimates that at least $45 million of counterfeit u.s. $100 notes produced by the north Korean government are in circulation. Explain why do U.S. taxpayers lose because of north Korea's counterfeiting.
Investigate the distribution of income in the United States from the 1960's. The Bureau of Labor Statistics (bls.gov)or the US census government website census.gov may be good sites. Is wealth distribution and income distribution the same thing? Are ..
How does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil? Explain, using economic terms, why this is so.
If the marginal product of the 4th worker hired is 6, and the marginal product of the 5th worker hired is 4, you should not hire the 5th worker because your profit would decrease since the 5th worker’s marginal product is less than the marginal produ..
Suppose the two doctors play a one-shot game-which is, they interact only once also never Once more.
Globalization has pulled hundreds of millions of people out of poverty in China and India. How should that gain be weighed against the structural changes that globalization requires in the United States? Should there be a safety net for those most hu..
If the note matures six years from today, how much money will you recieve from all the investments? Express this also as an annual rate of return.
Suppose both firms have entered industry. What is joint profit-maximizing level of output. How much will each firm produce. How would your answer change if firms have not yet entered industry.
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