Percentage of bulbs
A certain kind of light bulb has average lifetime of 10000 hours. The sd of the bulb lifetimes is 480 hours. What percentage of bulbs could last more than 12,784 hours?
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If we only had two groups, the ANOVA test would be equivalent to: A) a two-sample t-test of proportions.
Calculate the major determinants of the elasticity of demand? When would you want to own a business that sells price-elastic products? Why?
According to Chebychev's inequality, at least what percentage of the data should be in 5.6 SD of the mean?
Find out the market structure that best matches the competitive qualities found in the market where these products are made and sold. Describe your answer.
Government A decides it wants to abolish the poverty and unemployment by immediately issuing the 50,000 dollars/yr to all unemployed citizens.
What conclusion can you reach about the pattern of the residuals over time? No linear relationship exists. An increasing linear relationship exists.
Using marginal productivity theory, describe how a change in the minimum wage affects the employment of unskilled workers. Minimum wage legislation needs the most firms to pay workers no less than the legislated minimum wage per hor.
Give a verbal interpretation of this elasticity. Is the elasticity considered "elastic" or "inelastic"? Use the calculus formula to calculate the point elasticity at the price of $4.00.
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