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In the following five scenarios, H0, α, the obtained probability (p-value), and the true status of H0 are given. Assume that our test statistic follows a standard normal distribution. Do the following:
(a) State whether or not an error in statistical decision has been made (i.e., "Correct" or "Incorrect" decision) and (b) If an error is made, then state the type of error (i.e., is it a Type I or Type II error).
H0: µ = 0, α =0.05, for a two-tailed test. The obtained probability value is p=0.08. The actual status of H0 is true.
q1. butler leased a certain piece of property from wheeler with an option to purchase it at later dates. the agreement
A college raises its annual tuition from $28,000 to $30,000 and its student enrolment falls from 4,877 to 4,715. Compute the price elasticity of demand. Is demand elastic or inelastic? Explain and show your work.
When your first child is born, you begin to save for college by depositing $225 per month in an account paying 12% interest per year. You increase the amount you save by 2% per year. With continuous investment and compounding, how much will have accu..
Recall that the HDI focuses on "ends of development" like longevity, knowledge and material choice income), rather than on the "means" what has been the case of GNP. What are some of the main criticisms of against the use of GDP per capita as a measu..
Consider the Solow model with total factor productivity At constantly growing at rate g>0. Determine the a) instantaneous impact on GDP per capita, instantaneous impact on consumption per capita, long-run impact on GDP per capita (i.e. compare the le..
What is the monthly payment for a 3-year new car loan when the nominal interest rate is 12%? After rebates
Illustrate which offers the higher expected return. If you expect the rate of inflation to be 3% over the next year, which is the better investment.
What are the economic functions that financial intermediaries perform that benefit society? In your answer, discuss the relationship of financial intermediaries and financial markets to the savings-investment process within an economy and to each oth..
What was the absolute amount of increase in real income? - Make your calculations of the percentage change in real income and the absolute change in real income using the approximation formula and using the more precise method with index numbers.
(a) Construct a choice table for interest rates from 0% to 100%. (b) If the minimum attractive rate of return is 7%, which alternative should be selected?
Assume that the demand for ethanol, a corn-based alternative fuel, decreases. As a result, ethanol producers petition the Environmental Protection Agency (EPA) to raise the allowable amount of ethanol in gasoline blends from 10 percent to 15 percent...
Gasoline is typically less expensive in the United States than across the border in Canada but now suppose that U. S. gasoline price rises above that in Canada due to a change in taxes. How would the gasoline-purchasing behavior of a person who lives..
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