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1. Agri-Beef Inc. operates cattle feed lots in several midwestern states. The company wishes to estimate the average daily weight gainof cattle on their lots. To do this a simple random sample of cattle is taken and the daily weight gain is recorded. The data below, in pounds, represent the results of the sample.
8.7
6.1
9.8
6.5
8.3
6.3
5.8
8.0
5.1
7.0
6.0
7.9
a. Construct a 95% confidence interval estimate for the true daily weight gain. b. Construct a 99% confidence interval estimate for the true daily weight gain. c. Discuss the differences between the two estimates found in parts a and b and indicate the advantages and disadvantages of each.
2. A survey of 400 women for the American Orthopedic Foot and Ancle Society revealed that 38% wear flats to work.
a. Use this sample information to develop a 99% confidence interval for the population proportion of women who wear flats to work.
b. Suppose the society wished to estimate the proportion of women who wear athletic shoes to work and the proportion of women who wear flats to work within a margin of error of 0.01 (one percentage point) with 95% confidence. Determine the sample size required.
Suppose Venezuela imports TV sets at a price of $150 each. Under free trade, how many sets does Venezuela produce, consume, and import? Determine Venezuela's consumer surplus and producer surplus. b. Assume that Venezuela imposes a quota that limit..
During this holiday, he gave his first Fireside Chat, a radio address where he explained his policies to the American people in plain language. After the four-day holiday, he still kept one-third of all U.S. banks closed (mostly small farmer banks..
Determine algebraically the profit-maximizing outputs for the production and marketing divisions of the firm and the optimal transfer price for the intermediate product and the price of the final product.
The agency of Labor Statistics follows 5-steps to calculate Consumer Price Index. Determine three strengths and three weaknesses of the Consumer Price Index calculation.
The capital investment cost for a switchgrass-fueled ethanol plant with a capacity of 250,000 gallons per year if $1.4 million. The cost-capcaity factor for this particular plant technology is 0.59 for capacities ranging from 200,000 gallons per y..
A major advantage of production function is that it can be easily transformed into a linear function, and thus can be analyzed with the linear regression method.
Suppose that the inverse demand function for renting a beach-front property in Ocean City, New Jersey, during the first weel of August is p=1,000 - Q + Y/20, where Y is the median annual income of the people involved in this market, Q is quantity,..
When will America's longest running economic expansion in history come to an end? One way to predict is to look at what happened in the past. The usual causes include:
A CNC machine was purchased for $120,000 and has a five-year depreciable life. The shipping and handling cost were $15,000. The annual operational cost of the system is $10,000. The estimated salvage of the machine is $20,000 at the end of five ye..
Yo=1200 Y=C+I+G C=130+.5(Y-T) I=(-400)-(10R) G=150 T=50 1. Compute private savings 2. Compute public savings 3. Compute the value of the equilibrium real rate of interest (R) 4. Suppose G rises from 150 to 200. What is new R?
A Man is planning to retire in 20 years. He can deposit money for his retirement at 6% compounded monthly. It is estimated that the future general inflation rate will be 5% compounded annually. What deposit must be made..
The following table gives the joint probability distribution between employment status and college graduation among those either employed or looking for work (unemployed) in the working age U.S. population for 2008.
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