Why are you not surprised that most responses are multiples

Assignment Help Microeconomics
Reference no: EM131008124

Oil wells. How much oil the wells in a given ?eld will ultimately produce is key information in deciding whether to drill more wells. Here are the estimated total amounts of oil recovered from 64 wells in the Devonian Richmond Dolomite area of the Michigan basin, in thousands of barrels:22

21.7

53.2

46.4

42.7

50.4

97.7

103.1

51.9

43.4

69.5

156.5

34.6

37.9

12.9

2.5

31.4

79.5

26.9

18.5

14.7

32.9

196.0

24.9

118.2

82.2

35.1

47.6

54.2

63.1

69.8

57.4

65.6

56.4

49.4

44.9

34.6

92.2

37.0

58.8

21.3

36.6

64.9

14.8

17.6

29.1

61.4

38.6

32.5

12.0

28.3

204.9

44.5

10.3

37.7

33.7

81.1

12.1

20.1

30.5

7.1

10.1

18.0

3.0

2.0

Graph the distribution and describe its main features.

(a) Examine the data. Why are you not surprised that most responses are multiples of 10 minutes? We eliminated one student who claimed to study 30,000 minutes per night. Are there any other responses you consider suspicious?

(b) Make a back-to-back stemplot of these data. Report the approximate midpoints of both groups. Does it appear that women study more than men (or at least claim that they do)?

Reference no: EM131008124

Questions Cloud

Evaluation criteria for the different types of wind turbines : Work carried out to date (see the PPt slides, however most of the work done was theory and research between the literatures, here you need to add a table for evaluation criteria for the different types of wind turbines used for this purpose, facto..
The rest of our political system of representative democracy : The Federal Reserve System is structured in such a way as to insulate monetary policy from the political pressures characteristic of the rest of our political system of representative democracy.” Do you agree or disagree with this quote? Explain your..
Recession was the result of a supply shock or a demand shock : During the period 1973-1975, the United States experienced a deep recession with a simultaneous sharp rise in the price level. Would you conclude that the recession was the result of a supply shock or a demand shock? Illustrate, using AD-AS analysis.
Problem regarding the smokestack scrubbers : Particulate matter is a serious form of air pollution often arising from industrial produc- tion. One way to reduce the pollution is to put a filter, or scrubber, at the end of the smokestack to trap the particulates.
Why are you not surprised that most responses are multiples : Examine the data. Why are you not surprised that most responses are multiples of 10 minutes? We eliminated one student who claimed to study 30,000 minutes per night. Are there any other responses you consider suspicious?
Suppose an individual buyer values a pound of butter : Suppose an individual buyer values a pound of butter at $10. If the market price of butter is $8, what is the consumer surplus for this item?
The statement of retained earnings of gary larson : Also indicate any investing and financing activities you identify from this analysis that should be reported on the statement of cash flows.
Discuss the main pros and cons of taking import-replacing : Discuss the main pros and cons of taking the import-replacing road to industrialization versus concentrating government aid and private energies on developing new manufacturing exports.
Find rate at which distance between vehicles is increasing : At time t = 0, the police car is 40 km north and the truckis 30 km east of Sioux Falls. Calculate the rate at which the distance between the vehicles is increasing at t = 10 min.

Reviews

Write a Review

Microeconomics Questions & Answers

  Determining benefit-cost ratio

Compute the Modified BCR for MM. Compute the Modified BCR for PP. Which alternative should NJGSP choose and why?

  Describe would the effect on aggregate demand be larger

Suppose government spending increases. Would the effect on aggregate demand be larger if the Federal Reserve held the money supply constant in response or if the Fed were committed to maintaining a fixed interest rate

  Describe the nae grand challenge

Compare and Contrast the approaches presented in your sources (problem identification, proposed solution, methods, data, conclusions, and/or future work).

  Forming expectations of future output-future interest rates

Assume individuals consider only the short-run effects of changes in future macro variables when forming expectations of future output and future interest rates.

  The affordable care act expands coverage for low-income

As you know, the Affordable Care Act expands coverage for low-income US citizens by giving them access to Medicaid. As you also know, not every state has taken advantage of this Medicaid expansion. What economic argument can you make for expanding Me..

  Prohibitions policy by government

Discuss and explain the limitations of the United States "supply side" policy in the war on drugs. Can we win the war on drugs? Describe your position on legalization.

  What is the most likely outcome of the first game

Coke and Pepsi are going to play a game three times. During each game, if they both select a low price or a high price, their market share stays the same. But if one selects a low price while the other selects a high price, then the one with the l..

  Information about inelastic demand

Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest).

  How many tickets would the team be able to sell

suppose that the demand curve for tickets to see a football game is given by Q=100,000-100p and marginal cost is zero. How many tickets would the team be able to sell if it behaved competitively and set p = MC?

  Do economic trade policies today assist or hurt business

as a business owner you need to approach the issue of globalization and trade in context. with all the complicated

  Development of capitalism and modern economic analysis

Markets have been present to some degree throughout history, but market society is fairly recent. What does Varoufakis argue was necessary for the development of capitalism and modern economic analysis?

  How the economy productivity increases

Assume that total output is determined by the formula: number of workers × productivity = total output (output per worker) If an economy's productivity increases by 5 percent but the number of workers declines by 3 percent a year, how will the out..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd