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A perfectly competitive firm is a price taker. That is, no matter how much the firm produces, it can always sell its product at the current price. In other words, a perfectly competitive firm has no control over price; it simply treats the price of its output as given. Suppose that in a given economic sector, 40% of all the firms are expected to be perfectly competitive. If 15 firms from that sector are randomly selected, then
a. What is the probability that no more than 10 firms are perfectly competitive?
b. What is the probability that at least 6 of the selected firms are perfectly competitive?
A pair of dice is rolled. What is the probability of each of the following? (Round your answers to three decimal places.)
At the .01 significance level, can we conclude that the 30-yeer mortgage rate for small banks is less than 6 percent? Estimate the p -value.
The probability of the patient being chosen at random as having meningitis as only site of infection is?
Compute the correlation among the variables. Describe perfect correlation also negative correlation. Utilize the following data to answer questions related.
According to a recent survey, 275 of 400 middle-aged Americans said they used the Internet regularly. 140 of 400 senior citizens said they used the Internet regularly.
By using this data and incorporating seasonal effects, predict quarterly turnover for 2010.
Why can not we just do several two sample tests like we did in the last week. In your own words explain briefly also tell us what these are and what did it mean.
Given the same significance level, a ________ value of t will be required to reject the null hypothesis compared to the value of z required for rejection.
What do you find out when you perform the nonparametric statistics?
Assuming the population is large, which sample size will give the smallest standard deviation to the statistic and select the numbers for the first five to be interviewed.
Suppose it costs $25 per student for the administrators to provide the course materials.
Describe the sampling distribution of the sample mean.
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