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The management group of a popular restaurant wanted to better understand their customers. They conducted a survey of 52 customers and recorded their responses to questions about their age, education level, income, job type etc. In particular, management felt that their customer base was getting younger and wanted to confirm this in order to tailor the 'dining experience' to the needs of this younger group. From a previous study, the average age of the customers was found to be 40 years. The survey revealed a sample mean of 38 years and a standard deviation of 8 years. Determine whether the average age of customers is significantly younger than in previous years.
1. State the null hypothesis in words AND statistical notation.
2. State the alternate hypothesis in words AND statistical notation.
3. Calculate the appropriate test statistic.
4. What is your decision in terms of this example?
5. What is your conclusion in relation to the original concern?
Use the following information to answer the next 2 questions. We assume that Investment is no longer exogenous and instead, I = I(Y, i).
If a country has the comparative advantage in producing cloth, in the market for cloth the autarky price would be _____ the world price and the country would _____ cloth.
Describe the factors that influence wage setting. Write down the equation that represents wage setting, describe the effect of each factor in the equation/function, and draw the corresponding diagram. Clearly state the assumptions behind your analysi..
Suppose James has utility over wealth given by u(w) = w 1 2. Putting utility on the y-axis and wealth on the x-axis, use a graph to show why James would rather have $100 for sure instead of a gamble where he gets $20 20% of the time and $120 the rest..
Some people are saying which majority of the budget deficit are funds which some branches of the government owe to other branches.
Question 1: Suppose a firm's hourly marginal product of labour is given by MPN = A(200 - N). a. If A = .2 and the real wage is $10 per hour, how much labour will the firm want to hire? b. Suppose the real wage rate rises to $20 per hour. How much lab..
Economies of scale throughout the range of market demand give natural monopolies
Suppose the firms in a monopolistically competitive market are earning positive economic profits. What will happen to move the market to its long-run equilibrium?
He paid interest of ?$6,640. What was the interest? rate?
Consider each of the hypothetical U.S. Balance of Payments (primary) transactions below. For each one, identify whether it is a current or financial account transaction or not. And whether it represents a payment inflow or outflow.
Fair-trade standard guarantee
Assuming incomes of consumer s increase, holding all the other things constant, what will happen to the demand curve? What will happen to the price and quantity at the equilibrium? Justify your answer and show the demand and supply functions on a gra..
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