Blog

To test the hypothesis that the proportion of families who plan to purchase a vacation residence in Las Vegas want a stand alone house is 55%, the null hypothesis is π = 0.55 and the alternate is π ≠ .55. A random sample of 400 families who planned to buy a vacation residence revealed that 228 families want a  stand alone house. What decision should be made regarding the null hypothesis using the 0.01 level of significance? 

A recent study focused on the number of times men and women post on X message each day. The information is summarized next. At the .01 significance level, is there a difference in the mean number of times men and women who post on X in a day? What is the value of the test statistic for this hypothesis test?

Which of the following is not necessary for a firm to engage in price discrimination?

At which level of output is average total cost minimized?

Questions 35 and 36 refer to the following. A perfectly competitive firm that produces gizmos has the following output and cost data. Assume that the firm incurs a fixed cost of $90. Suppose the market price of gizmos is $14. Determine the amount of output the firm will produce. Output Variable Cost 0 $0 1 20 2 36 3 49 4 60 5 73 6 88 7 106 8 129 9 159 10 199

Questions 23 to 25 refer to the following table, which represents the production of gizmos.   Labor   Output   Marginal product of labor  Average product  of labor 0 0 – – 1 10 10 10 2 30  ? 15 3 45 15  ? 4  ? 11  14 What is the marginal product of the second worker? What is the average product when the firm employs three workers?

For the previous question, what is the p-value of the hypothesis test?

The table below represents the quantity and total revenue of a firm in a competitive market. Quantity Total Revenue 0 $0 1 $5 2 $10 3 $15 4 $20 For this firm, the marginal revenue________and the price________.

The price received by the seller before the tax is ________ per compact disc, and the price received and kept by the seller after the tax is ________ per compact disc.

If the local housing authorities impose a rent ceiling of $500 per month, which of the following would occur?