Classof1: 424 books

You are the economic consultant to the 5 perfectly competitive firms below. You must advise them on the appropriate action  whether to continue, increase output, decrease output or to shut down to take in the short-run in order to maximize profits and minimize losses. Make your suggestions using the appropriate symbols.

(a) What are primarily intended to address the problem of insuring people who don't have health insurance? (b) Would a public national health insurance system reduce the total spending on health care in our economy? (c) What has been found to be the primary cause of the rapid rise in health care costs?...

"From the results below, is it true that 95% of the sample means will fall between 10.99408 and 11.00192 inches? Explain. Problem is to estimate the mean paper length with 95% confidence Mean- 11 inches Standard deviation of the length is 0.02inches Random sample 100 sheets Mean paper length...

"1. Calculate separate confidence intervals for the numbers of days absent for Clinic A and Clinic B, respectively. 2. The Health Authority is worried that if the mean days absent in either clinic reach 20 days, it will have difficulties safely operating the clinics.  Conduct separate hypothesis...

Which type of monopoly would be regulated with rate-of-return regulation? Draw a graph showing a monopolists cost curves, demand and marginal revenue curves and the price and quantities produced under this type of regulation.

The diagram below shows the budget line and the indifference map of a consumer for two products, food and clothing.

a) What type of externality does the graph below represent?  Using the letters provided calculate social welfare under the market outcome and the socially optimal outcome.  Describe and show the deadweight loss.

Prepare a table/graph for inflation in “your country” (use North Korea for the country; if no data is available, use India) for about the latest ten year period for which you have data. (See IMF International Financial Statistics Yearbook for inflation data. More limited data is also available...

An auditor wants to estimate the mean annual expenditure (across departments) on a particular item.  They seek accuracy within a range of +/-$100.  The population standard deviation is estimated to be $250.  How many departments would they need to survey to achieve this level of accuracy with 95% confidence?

"Woodco manufactures tables and chairs. Each table and chair must be made entirely out of oak or entirely out of pine. A total of 150 board feet of oak and 210 board feet of pine are available. A table requires either 17 board feet of oak or 30 board feet of pine, and a chair requires either...

Three slopes are given. For each slope, determine at which of the labeled points on the graph, the tangent line has that slope.

Assuming the variable represents a non-negative number, simplify completely:

Solve for X, Y, and Z using either substition or elimination methods: 10X + Y + Z = 12; 8X + 2Y +Z  = 11; 20X - 10Y - 2Z = 8

"1.  For branch city calculate the mean and median minutes spent commuting for this week. 2.  For each branch calculate the variance and standard deviation of minutes spent commuting. 3.  Calculate the coefficient of skewness and coefficient of variation of minutes spent commuting. ...