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Suppose you have a sample of body weights from a population of males above 20 years of age. Your sample size is 121 men. Body weights are approximately normally distributed. Your sample mean is 190 pounds, and your estimated population standard deviation is 44 pounds.
a. What is the estimated standard deviation of the sample mean?
b. Construct a 95% confidence interval for the population mean.
c. Develop a hypothesis test that can be used to determine whether the population’s mean body weight is different than 180 pounds. Use a significance level of 5 percent. (i) Construct a test statistic for this your test (ii) Indicate whether you reject the null hypothesis or do not reject, and why.
Given the short-run (SR) cost curve in the chart above for a firm in a perfectly competitive market, find the firm’s best output level and total profits when the market price is: a) $18, b) $13 c) $5 d) $3.
Sam sells property to Betty and delivers Betty a deed that says "This property is conveyed to Betty so long as she never operates a bar on the premises." If she operates a bar on the premises, Sam Seller may take possession of the property.
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Suppose the current price of gasoline at the pump is $1 per gallon and that 1 million gallons are sold per month. A politician proposes to add a 10¢ tax to the price of a gallon of gasoline.
Explain how do the life-cycle hypothesis also the permanent income hypothesis resolve the seemingly inconsistent pieces of evidence regarding consumption behaviour.
q.jo thomkins ought to make a decision whether or not to proceed with a particular investment project. if the project
Find the equilibrium values of the real interest rate, consumption, investment, and the price level.
The demand for bread will fall if more Americans go on a low diet. The cost of bread will fall due to the decrease in the demand for bread.
q. athe economist on the 14th february 2008 printed the following more recently the post-mortems on americas 2001
Elucidate the production combinations society would like to choose. the boundary that divides all production combinations into attainable ones.
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. a widget producer wishes to describe how the addition of pounds of rubber will affect its MRP and profits.
State the rule for optimum input allocation to produce a given level of output at the lowest possible cost - when two inputs are varieable and the prices of the inputs are given- and explain why it makes sense.
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