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Candidate A is running for president of the student government at a large university. The proportion of voters who favor the candidate is 0.8. A simple random sample of 100 voters is taken.a. What are the expected value, standard deviation, and shape of the sampling distribution of ?b. What is the probability that the number of voters in the sample who will not favor Candidate A will be between 26 and 30?c. What is the probability that the number of voters in the sample who will not favor Candidate A will be more than 16?
Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per y..
Jeff owns a garage and has 3 mechanics to help him. With the tools used being fixed in the short run, his production function is given by 5 + 2L = Y , where L is the number of mechanics and Y is the number of cars they can fix. If Jeff hires a fou..
Plot graphically the demand and MR curves for each market, and also show GGC's combined marginal revenue curve (?MR) and its MC curve. Show graphically the quantities that should be produced and sold, and the prices that should be charged, in each..
Imagine an economy with a standard Cobb-Douglas production function, population growth of 2%, 1% total productivity growth, a savings ratio of 10% and a profit share of 20%. Assume that machines depreciate by 5% per annum.
Suppose the price of a Cup O' Soup now rises to $2. Using your diagram from part (a), show the consequences of this change in price. Assume that our student now spends only 30 percent of his income on dining hall meals. Label the new optimum as po..
A firm produces a product with a fully allocated average cost equal to $20. If the price elasticity of demand for the product is -5,what should the product price be set at
Let's evaluate the expected impact of the introduction of overtime pay on hours of work. Consider three cases. First suppose that before the overtime pay is started the optimal choice of hours is 5 hours per week.
In 1994, the marginal cost of producing the Power Mac was about $1500 per unit, and a rough estimate of the monthly demand curve was: P= 4500-.15Q. At the time, what was Apple's optimal output and pricing policy
1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
The director of a nonprofit foundation that sponsors 8-week summer institutes for graduate students analyzed the costs and expected revenues for the next summer institute and recommended that the session be canceled. In her analysis she included a..
The mean gross annual incomes of certified welders are normally distributed with the mean of $23,577 and a standard deviation of $2,358. The ship building association wishes to find out whether their welders earn more or less than $23,577 annually..
At the end of their useful lives, both A and B may be purchased with the same cost, benefits, and so forth. If the MARR is 12%, which alternative should be selected based on the internal rate of return using the least common multiple approach.
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