In the town of Redding, red saffron grows plentifully. Big Red Spices (BRS) is the only firm in town, and they employ people to cultivate saffron. Suppose the government imposes a minimum wage at the perfectly competitive wage.

On a piece of paper (separate from question 13), explain in words and/or show graphically the impact of the minimum wage on BRS' profit.

In one town, monthly incomes for all men without college degrees are found to have a standard deviation of $650. Use a 0.01 significance level to test the claim that for men with college degrees in that town, incomes have a standard deviation above $650. A random sample of 27 men with college degrees resulted in incomes with a standard deviation of $825.

The average cost of a one-bedroom apartment in a town is $650 per month. What is the probability of randomly selecting a sample of 50 one-bedroom apartments in this town and getting a sample mean of less than $630 if the population standard deviation is $100? (Round the values of z to 2 decimal places. Round your answer to 4 decimal places.)

Assume there is a fish market in your town. What would happen to the market and its price & quantity if the following scenario happens. (Sketch DD & SS curves to explain)                  

a)       An enhanced robot selling fish & folks realized chicken prices are cheaper now

.b)      Thunderstorms hit your town & people are getting income bonuses from the government.           

Power is generated at 24 kV at a generating plant located 55km from a town that requires 60MW of power at 12 kV. Two transmission lines from the plant to the town each have a resistance of
0.11?/km .

What should the output voltage of the transformer at the generating plant be for an overall transmission efficiency of 97.8%, assuming a perfect transformer?

Exit polling is a popular technique used to determine the outcome of an election prior to results being tallied. Suppose a referendum to increase funding for education is on the ballot in a large town (voting population over 100,000). An exit poll of 500 voters finds that 240 voted for the referendum. How likely are the results of your sample if the population proportion of voters in the town in favor of the referendum is 0.51? Based on your result, comment on the dangers of using exit polling to call elections.

How likely are the results of your sample if the population proportion of voters in the town in favor of the referendum is

0.51?

The probability that fewer than 240 people voted for the referendum is nothing.

(Round to four decimal places as needed.)

Question 4 Lin is a hairdresser at a salon in a small town. In each of the following situations, explain Lin's type of job market situation with as much detail as possible, i.e. whether Lin is employed or unemployed and, if unemployed, what kind.

a) The local economy is in a minor recession and the salon lays Lin off. The owner assures her that she will be rehired when business picks up again. Lin waits to be re-hired. b) A large university, the major employer in the town, permanently closes, and this hurts all of the salons in town. The salon fires Lin because the owner can only afford to stay open on week-ends. c) Lin is dissatisfied with her schedule at the salon and quits her job. She is qualified to work at other salons and immediately begins to send her résumé to salons all over town. d) Lin quits her job and uses her savings to enroll in college full-time toward a marine biology B.A.

Super Sneaker Company is evaluating two different materials, A and B, to be used to construct the soles of their new active shoe targeted to city high school students in Canada. While material B costs less than material A, the company suspects that mean wear for material B is greater than mean wear for material A. Two study designs were initially developed to test this suspicion. In both designs, Halifax was chosen as a representative city of the targeted market. In Study Design 1, 14 high school students were drawn at random from the Halifax School District database. After obtaining their shoe sizes, the company manufactured 14 pairs of shoes, each pair with one shoe having a sole constructed from material A and the other shoe, a sole constructed from material B.

1. Suppose that you work in a shoe company want to compare two materials, A and B, for use on the soles of boys' shoes. In this problem, each of ten boys in a study wore a special pair of shoes with the sole of one shoe made from Material A in column (Mat-A) and the sole on the other shoe made from Material B in column (Mat-B). The sole types were randomly assigned to account for systematic differences in wear between the left and right foot. After three months, the shoes are measured for wear

data:

• • Weight measurements were made on nine boys in column (weight lb). You know that the distribution of measurements has historically been close to normal with s= 0.2. Test if the population mean is 50 and obtain a 90% confidence interval for the mean. - (Solve manually and Minitab)
• • You want to see if these is difference between the two materials. Justify your answers by using hypothesis testing and confidence interval procedures. - (Solve manually and Minitab)
  • Compare the results from the paired procedure with those from an unpaired- (Solve manually and Minitab)

Here are the summary statistics for randomly selected weights of newborn girls: n=237, mean=33.8 hg, and s=6.2 hg. Construct a confidence interval estimate of the mean. Use a 90% confidence level