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1. An automatic saw at a local lumber mill cuts 2-by-4s to an average length of 121 inches. Because the saw is a mechanical device, not all the boards are 121 inches long. In fact, the distribution of lengths has a variance of 0.16. a) The 2x4s are sold as being 10 feet in length (120 inches). What is the proportion of boards cut by this process that are less than the advertised length?b) The saw operator took a sample of 36 boards. If the saw is set correctly, what is the probability the average length of the sample boards is more than 120.9 inches?c) What should the saw operator conclude if she finds the sample to have an average length greater than 121.2 inches?
2. A sample of 500 business professionals found that 30% chose an airline based on price.a) If the population proportion of all business professionals who select an airline based on price is 0.27, then what is the probability that we would find a sample proportion of 0.30 or more in a sample of 500?b) If the population proportion of all business professionals who select an airline based on price is 0.29, then what is the probability that we would find a sample proportion of 0.30 or more in a sample of 500?
Elucidate the bumper harvest increase or decrease the total revenue of American wheat farmers. How could you have predicted this from your answer to part a.
The extensive application of protective tariffs destroys the ability of the international marketplace system to allocate resources efficiently.
Question based on Derive and compare demand curve, Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?
What is the equilibrium price of a box. Is this the long-run equilibrium price. Expalin how many firms are in this industry when it is in long-run equilibrium.
It all begins two years ago when the officials in Plentiful decided to raise the tipping fees at their Raw End
If graphed, would the curve for this equation slope upward or slope downward and are the variables C and Y inversely related or directly related?
Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said
Suppose your telephone plan charges you $25 per month plus ten cents per minute for long distance calls. Write an equation that describes your monthly telephone account.
Two oligopoly company are in the process of estimating their marketing strategies. Firm 1 can generate estimated profits of $10 million from strategy A
Ceteris Paribus means all other things being equal. In the Keynesian, Classical, and Solow model, determine the impact of an raise in production technology
Describe when and why central banks buy either their own currency or the currency of another nation in an effort to control exchange rates.
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