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The average cost per night of a hotel room in New York City is $431. Assume this estimate is based on a sample of 55 hotels and that the sample standard deviation is $48.
(Please note that this problem uses the t-distribution. Zero points will be awarded if you use the standard normal distribution.)
a. At 90% confidence, what is the interval estimate for the population mean?
b. At 95% confidence, what is the interval estimate for the population mean?
c. At 99% confidence, what is the interval estimate for the population mean?
d. Describe the effect of a higher confidence level on the margin of error.
A company has acquired a paint booth (see prices). The anticipated life for the booth is 14 years but the company plans to depreciate it as a 7 year MARCS property (half year conversion). Determine the book value of the equipment for its first six ye..
q1. illustrate what is a random walk? explain how is halls random-walk model of consumption related to the life-cycle
The automobile industry is one of the industries seriously affected by the recession that began in late 2007. General Motors and Ford are among the companies affected by this economic slowdown. Discuss income and price elasticities of demand for cars..
An economist gives the following advice to a museum director: “You should introduce “peak pricing”. At times when the museum has few visitors, you should admit visitors for free. And at times when the museum has many visitors, you should charge a hig..
Explain and illustrate with diagrams the differences between diminishing marginal returns and decreasing economies of scale and cite causes and examples.
Thomas has income of $1500 today and $1000 tomorrow. He can lend and borrow at an interest rate of 10%. There is 10% inhalation. His preferences for inter temporal consumption are represented by the following utility function U (c1 ; c2 ) = c1 + c2 ...
The four-man team would be able to assemble a unit in one hour. Which approach would result in more economical assembly?
Starting with the situation in part d, suppose the government starts taxing the population $30 each year without spending anything.
Assume that GDP (Y) is 6,000. Consumption (C) is given by the equation C = 600 + 0.6(Y – T). Investment (I) is given by the equation I = 2,000 – 100r, where r is the real rate of interest in percent. Taxes (T) are 500 and government spending (G) is a..
using the regression results and the other computations from assignment 1 determine the market structure in which the
The demand curve for salted codfish (saltfish) is D(p) = 200 − 5p and the supply curve is S(p) = 5p. 1 (a) On a graph with saltfish on the horizontal axis and the price of saltfish on the vertical, draw the demand and supply curves. What is the equil..
For the Utility function U(x,y) = y + (x)^1/2, calculate the following: Hicksian or Compensated demand functions. Expenditure function
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