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The Director of Admissions at Rutgers University is preparing a report for the New Jersey Department of Higher Education regarding the demographics for entering classes. The director wanted to estimate the age of students enrolled. The estimate must be within 1 year of the population. Assume that ages are normally distributed.
Determine the minimum sample size to construct a 90% confidence interval for the population mean. Assume the population standard deviation is 1.2 years.
Repeat (a) with a 99% confidence interval.
Which level of confidence requires a larger sample size? Explain.
How should the federal reserve react if they desire to bring inflation down to 3%. When will they achieve that goal?
Suppose your firm produces electricity by burning coal. Currently it buys central Appalachia 12,500 BTU per ton coal at the market price of $52 per ton.
Assume to latest discoveries in biochemistry significantly lengthen our life expectancy. Illustrate what is the impact on the educational attainment of workers
If salary and prices are completely flexible, then an unfavorable productivity shock would raise both the natural rate of unemployment and the actual unemployment rate.
How does the Federal Reserve lower interest rates, and explain why it wants to keep them low at the present time?
Suppose without trade, country A produces and consumes 100 units of widgets at a price of $10 each. Illustrate what is the total gain or loss from trade for country A.
What does Friedman mean when he says the Earth is becomming "hot, flat, and crowded?" Describe three of the key problems that Friedman identifies in the book and explin why they re important.
Analyze and outline the three most likely reasons for growing food insecurity in the United States. Do you think food insecurity is on the rise in the U.S.; how about in your own community
What would be the new equilibrium exchange rate that would make purchasing power parity grasp for laptops.
Define the correlation between two random variables X and Y. What does the correlation coefficient measure?
Elucidate how do the GDP per capitals change after accounting for price indices.
What are the informing factors of global interdependence, including the economic factors, political dynamics and cultural differences.
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