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To compare the fuel efficiency of two types of gasoline using a paired design, five cars were randomly selected to drive with using each brand. The fuel consumption results (in litres per 100 km) for each car were as follows:
Car: 1 2 3 4 5 TypeA: 8.4 7.8 11.3 8.1 6.6 Type B: 7.9 7.1 11.5 7.3 5.7
a) Explain why this is a paired design.
b) What assumptions must be satisfied to appropriately carry out a paired design analysis? When can you carry out such an analysis regardless of the shape of the population of paired differences?
c) Assuming that the assumptions in (b) hold, compute a 90% confidence interval for the difference in fuel consumption for the two different types of gasoline and interpret your result.
The long-run cost of gas is 100. The price step size is 1.25. The initial price of gas is two steps below the long-run cost. The well produces 10 units of gas in the first period of drilling and 7 in the second period of drilling. When will the produ..
Why would the government bypass the free market in times of war? Is government rationing a better idea than rationing by price? Give reasons. How does government rationing affect the allocation of resources? Explain.
iv. Find the utility maximizing combination of income and leisure. How many hours will this person work? Imagine the wage rate increases to $8 per hour. Will this person work more hours?
Consumers are not able to resell good 1. For p
Suppose that the preferences a typical American has for quantities of electricity (E) and gasoline (G) is given by U(E,G) = a ln(E) + (1 - a) ln(G). If a = .75, find the optimal consumption bundle of gasoline and electricity. Does the electricity rat..
Suppose that the public wishes to hold $0.35 in pocket money (currency and coin) and $0.25 in time and savings deposits. Suppose that banks wish to hold $0.20 for each new dollar of transaction money received. What is the size of the transaction depo..
Which of the following is NOT a true statement regarding free trade?
The income elasticity of demand measures, for a given price, the ________________ in quantity demanded divided by the ____________________ income from which it resulted. If a decrease in the price of one good causes a decrease in demand for another g..
Fidelity Life Insurance has a document imaging system that needs replacement. A local salesperson quoted a cost of $10, 000 with an estimated salvage of $900 after 5 or more years. If the system is expected to save $1700 per year in clerical time, fi..
The international debt crisis of the 1970s and 1980s arose primarily from
This exercise presents a simple example to elucidate how exchange-rate conversions can produce misleading results and how the PPP methodology works.
Suppose a country produces two goods (wheat and cars) from two inputs (labor and capital). Suppose further that we observe that workers and capitalists in the car industry oppose freer trade in the short run but only workers oppose freer trade in the..
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