Reference no: EM131424598
Agri-Beef Inc. operates cattle feed lots in several midwestern states. The company wishes to estimate the average daily weight gain of cattle on their lots. To do this a simple random sample of cattle is taken and the daily weight gain is recorded. The data, in pounds, represent the results of the sample and is listed below.
7.5 8.4 5.5 6.2 9.0 6.3 4.8 7.0 6.1 7.9 4.4 5.7 4.8 6.9 7.0
a. Construct a 95% confidence interval estimate for the true daily weight gain.
b. Construct a 99% confidence interval estimate for the true daily weight gain.
c. Discuss the differences between the two estimates found in parts a and b and indicate the advantages and disadvantages of each.
Problem 2. Similar to problem 8-44 in the text on page 373 and problem 8-47 on the same page. A survey of 400 women for the American Orthopedic Foot and Ankle Society revealed that 38% wear flats to work.
a. Use this sample information to develop a 99% confidence interval for the population proportion of women who wear flats to work.
b. Suppose the society wished to estimate the proportion of women who wear flats to work and the proportion of women who do not wear flats to work within a margin of error of 0.01 (one percentage point) with 95% confidence. Determine the sample size required.
|
Elaborate on my in the monoply case
: Can you please elaborate on my in the monoply case the MR curve is below the market demand curve? Also, please elaborate on why the market supply curve is the same as the MC curve. Please include graphs to assist with explainations.
|
|
Which country will have a higher wage
: Assume that Home can produce two goods, apples and bananas. The unit labor requirement in apple production is 4, while it is 2 in banana production. Foreign’s unit labor requirement for apples is 8 and it is 2 for bananas. If these countries trade, w..
|
|
Consider the principal-agent problem discussed in lecture
: Consider the principal-agent problem discussed in lecture, with the constraint that s greaterthanorequalto 0. At what level of u does the optimal contract result in agent effort being set to its first-best level?
|
|
Draw the relative supply curve
: Home has 1,200 workers. It can produce two goods, apples(QA) and bananas(QB). The unit labor requirement in apple production is 3, while it is 2 in banana production. Draw the PPF for home(with the production of apples on x-axis). what is the opportu..
|
|
Operates cattle feed lots in several midwestern states
: Agri-Beef Inc. operates cattle feed lots in several midwestern states. The company wishes to estimate the average daily weight gain of cattle on their lots. To do this a simple random sample of cattle is taken and the daily weight gain is recorded. D..
|
|
Assume the specific demand equation
: Assume the following specific demand equation: p = 9 – 0.3q; r = 0.1; R= 80; mc = 2. Suppose the resource price is currently $3 per unit. What is the depletion year for this resource under perfection completion?
|
|
Compute the optimal depletion year
: Now assume the following specific demand equation: p = 9 – 0.3q; r = 0.1; R= 80; mc = 2. Suppose the resource price is currently $3 per unit. What is the equation of MR? What is the specific MR corresponding to the initial point characterized by p = ..
|
|
Assume that home can produce two goods
: Assume that Home can produce two goods, apples and bananas. The unit labor requirement in apple production is 4, while it is 2 in banana production. Foreign’s unit labor requirement for apples is 8 and it is 2 for bananas. Using a numerical example f..
|
|
Assuming that the marginal cost of extraction is constant
: Suppose the demand function for a mineral (exhaustible resource) is given by pt = 700 - 0.2qt: Assuming that the marginal cost of extraction is constant and equal to $200 per unit extracted, and the discount rate (r) is 0:05. State the values of the ..
|