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Economists have estimated the following transportation elasticities. For each pair, explain possible reasons why the elasticities differ. a. elasticity of demand for buses is 0.23 during peak hours and 0.42 during off-peak hours b. elasticity of demand for buses is 0.7 in the short run and 1.5 in the long run c. elasticity or demand for toll roads is 4.7 for low-income commuters and 0.63 for high-income commuters.A study found that in California, where car vanity license plates cost $28.75, the elasticity of demand was 0.52. In Massachusetts, where vanity plates cost $50, the elasticity of demand was 3.52. a. Assuming vanity plates have zero production cost, was each state collecting the maximum revenue it could from vanity plates? Explain your reasoning. b. What recommendation would you have for each state to maximize revenue? c. Which state was most likely to be following a political unsupportable policy?
Normally distributed with a mean of 48.06 pounds and a standard deviation of 3.57 pounds. Let X represent the weight of a randomly selected bag. For what value of c is P(E(X) - c
A test statistic is computed from sample data in hypothesis testing and is used in making a decision about whether or not to reject the null hypothesis. True or False
Determine the point estimate and 95% confidence interval for the mean family dental expenses of all employees of the company.
An airline estimates that 90% of people booked on their flights actually show up. If the airline books 71 people on a flight for which the maximum number is 69, what is the probability that the number of people who show up will exceed the capacity..
What should the guaranteed mileage be if the tire company desires that no more than 2 percent of the tires will fail to meet the guaranteed mileage?
Suppose 1.5 percent of the antennas on new Nokia cell phones are defective. For a random sample of 10 antennas, find the probability that:
Test hypothesis that two processes have identical fractions nonconforming. Use a = 0.05. Create 90% confidence interval on difference in fraction nonconforming between two processes.
Test the null hypothesis that the telephone survey technique has a probability of selecting a household with no children that is equal to the value obtained by the census.
Calculate the mean and standard deviation for this set of data. Convert your answer back to dollars and cents and give the correlation value between number of beers consumed and BAC?
Construct the sampling distribution of the mean for the random samples of size 2 from the population. Calculate the mean and the standard deviation of the sampling distribution.
Of the 250 students in a blind taste test, 150 (60%) preferred Milwaukee's Best over Natural Light. Then the 90% confidence interval for the student population proportion preferring Milwaukee's Best is:
The uniform distribution over the interval 7.5 to 10.5 gallons per minute. Find the probability that between 8.0 gallons and 9.0 gallons are pumped during a randomly selected minute.
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