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Assume two independent random samples are available which provide sample proportions. For the first sample assume n1= 100 and x1= 39. For the second sample, assume n2= 100 and x2= 49. Test the null hypothesis that the population proportions are equal versus the alternative hypothesis that the proportions are not equal at the 90% confidence level. Frame the test statistic by subtracting the proportion for population 1 from that for population 2. Pick an appropriate z value, p-value and conclusion. Round your answer to the nearest thousandth.
a) z-value = -1.425 p-value= 0.077 statistically significant
b) z-value = 1.425 p-value= 0.077 not statistically significant
c) z-value = 1.425 p-value= 0.077 statistically significant
d) z-value = -1.425 p-value= 0.1543 not statistically significant
Some say: “It’s not true there are substitutes for anything. If you want omelets, you need eggs. There are no substitutes for eggs in an omelet.” Analyze this argument critically. Use relevant economic concept(s) to justify your answer. (The assertio..
1) How are scarcity, choice, and opportunity cost related? 2) What are the effects of an increase in the minimum wage in the U.S. economy? Who would be most affected? 3) Why is elasticity of demand greater for goods that are a large share of a consum..
When the price of one good decrease, the associated substitution effect is represented by a:
Suppose that a public accounting firm plans to hire some accountants for tax season. What will happen to the marginal product of labor as the firm hires more and more accountants?
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What is the WACC for Allfresh Limited using the current market values of debt and equity?
Sam has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C,L) = CL. The household also has a home production technology summarized by a production function. How much time will Sam spend in leisure? How ma..
How did the economic, political, and social forces drive the Europeans to exploration and colonization?
Compare and contrast the advantages and disadvantages of instituting an import tariff, or an outright ban on the importation of certain goods into U.S. markets. Include in your research American trade agreements such as the NAFTA (North American Free..
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
In February of 1999, James Surowiecki, who wrote the “Moneybox” column for Slate magazine, said: Briefly explain why this conclusion is not surprising.
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