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An urban planner claims that nationally 20% of all families renting condominiums move during the year. A random sample of 200 families renting condominiums in a large development revealed that 28% had moved during the past year. Construct a 90% confidence interval for the population percent of families who moved during the past year.
What are the short run and long run effects of a one-time increase in the stock of labor (because of, for example, a particularly large cohort of college graduates joining the labor force)?
Assume you are a wheat farmer in North Central Kansas, you have fixed costs per acre of $84, variable cost per bushel is $3.64, and you produce 56 bushels per acre. What is your total variable cost per acre? What is your total cost per acre?
Obedience to authority can be a powerful social pressure to conform and comply with a request that might be against our intuitive sense of right and wrong. Milgram's study of obedience has contributed to understanding how people can commit in human a..
Maggie likes her cigars. Her demand for cigars is MRSXC = 60−C, where X is the amount of money for all other goods she is willing to give up for an additional cigar. How many cigars would Maggie be allowed to smoke in the social optimum? Suppose a la..
Read the attached short article from The Economist magazine. Address the following questions. 1. What is the Kyoto Protocol? When does it become outdated? What is the current state of international negotiations on climate change? 2. What are the ma..
President says that wages probably should be cut so that workers could not afford to miss so much work. Evaluate two views utilizing income and substitution effects in your analysis.
Many factors influence buying plans and one of them is price. we look first at the relationship between the quantity demanded of good and its price.
A monopolist sells to two markets: in market 1 there is a constant elasticity of demand e1 -1 The monopolist charge a higher price in the market with the "more elastic" demand (i.e., the one with a more negative value of e).
Profit Maximizing Rule: A firm maximizes profit by continuing to produce and sell output until Marginal Revenue (MR) = Marginal Cost (MC).
Should there be a limit on what proportion of the nation's income is devoted to medical care? What arguments can be made on each side
Sheryl spends all her leisure time and all her money on sailing. She doesn’t value leisure time if she can’t sail, and she can only sail if she has leisure time. Sailboat rentals cost $10 per hour, and Sheryl earns W per hour. How many hours will she..
Why is the growth of consumer spending considered a positive factor for expansion of GDP even when personal saving is falling to a negative level? Are the long term and short term effects of a negative personal saving rate both favorable to economic ..
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