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Sales personnel for Skillings Distributors submit weekly reports listing the customer contacts made during the week. A sample of 65 weekly reports showed a sample mean of 18.5 customer contacts per week. The sample standard deviation was 5.8. Provide 90% and 95% confidence intervals for the population mean number of weekly customer contacts for the sales personnel.
90% Confidence, to 2 decimals:
( , )
95% Confidence, to 2 decimals:
Minimum Wages: In lecture we set down rough numbers for California’s forthcoming ongoing choice to raise the minimum wage to $15/hour in 2023—to a level that represents an increase from a level in 2014 that, relative to productivity and given current..
A firm is currently producing 80 units of output. At this level of output produced, P=150 and ATC=120. Also assume that MC=130 and MR is constant at all output levels and equal to 150. Is this firm making profits? If so, what are these profits? Is th..
Tony Taxpayer earns $2000 in income. Income is taxed at 20%. Tony can underreport his income to the IRS and pay taxes only on the amount he reports, but should he be audited, the IRS will impose a surcharge of 200% on his unpaid taxes; Calculate Tony..
You are the president of a commercial bank that is also a member of the Federal Reserve System, and you want to increase your bank's reserves. But you currently have negative excess reserves, in which case your bank is borrowing from the Fed and the ..
Undergraduate student (age 22) gets a job that pays $49800 per year. Planning to retire at age 67, she decides to save 10% of her current salary each year. If she is able to get an average ROI of 5.8% per year, how much will she have saved when she r..
Assume that in the short-run, wages and prices are flexible enough to adjust, that at full employment, firms and workers are able to negotiate lower nominal wages, which will shift the short run aggregate supply rightward. Also, keep in mind that the..
In the country of Dagobah, the velocity of money is constant. Real GDP grows by 3 percent per year, the money stock grows by 8 percent per year, and the nominal interest rate is 9 percent. What is: The growth rate of nominal GDP? The inflation rate? ..
Provide examples of two industries with different time frames for the short run. Clarify why this is the case.
The demand function for a firm’s product is Q(P) = 50!P/10. The firm’s cost of production is-For this part only, change the demand function by assuming that demand (at any given price) is half of what it was before. In this new situation, calculate t..
Lightweight personal locator beacons are now available to hikers that make it easier for the Forest Service's rescue teams to locate those lost or in trouble in the wilderness. How will this affect the costs that the Forest Service incurs? (Ch 20 Ind..
Adding four or more flights to existing routes, it will have to add two pilots also flight attendants.
Which of the following is an example of implicit cost for a firm?
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