Intro. to Economics.
1. The Latin expression ceteris paribus means
a. having made all other necessary changes.
b. holding constant all other variables.
c. assuming all households have similar incomes.
d. given the level of income in the economy.
2. A variable measured in terms of money is called a ____________________.
a. real variable
b. nominal variable
c. macroeconomic variable
d. microeconomic variable
3. Which of the following is true about the importance of money in economics?
a. Money is important in both macroeconomics and microeconomics.
b. Money is important in macroeconomics but not microeconomics.
c. Money is important in microeconomics but not macroeconomics.
d. Money is not important in either microeconomics or macroeconomics.
4. What is the difference between normative and positive economics?
a. Positive economics is descriptive and predictive; normative economics is prescriptive.
b. Positive economics highlights the positive aspects of the economy; normative economics highlights the average features.
c. Positive economics studies the actions of individuals; normative economics studies the actions of households.
d. Positive economics is an applied social science; normative economics is a theoretical social science.
5. The slope of the demand curve is negative because
a. the quantity of a good demanded decreases as income declines.
b. the quantity of a good demanded increases as income declines.
c. the quantity of a good demanded increases as the price declines.
d. the quantity of a good demanded decreases as the price declines.
6. What is the result of an increase in the price of bread, a normal good?
a. The demand curve shifts to the right.
b. The demand curve shifts to the left.
c. The quantity demanded increases.
d. The quantity demanded decreases.
7. What is the effect on demand for bread when the price of bagels, a substitute for bread, rises?
a. The demand curve for bread shifts to the right.
b. The demand curve for bread shifts to the left.
c. The quantity of bread demanded increases.
d. The quantity of bread demanded decreases.
8. Which of the following would cause the supply curve for bread to shift inward?
a. An increase in the price of bread
b. An increase in the price of bagels
c. A decrease in the price of bread
d. An increase in the price of flour
9. An improvement in technology shifts the supply curve outward because
a. at every price, firms find producing the good to be more profitable.
b. the price of the good increases.
c. at every price, firms find producing the good to be less profitable.
d. the price of the good decreases.
10. Which of the following factors does not affect how much bread a baker is willing to produce?
a. The price of bread
b. The demand for bread
c. The cost of inputs
d. Technology
11. How do expectations of prices affect how much of a good producers are willing to sell?
a. Expectations of prices affect only demand, not supply.
b. Actual prices, not expectations of prices, affect supply.
c. If producers expect prices to fall in the future, they supply less at every price.
d. If producers expect prices to rise in the future, they supply less at every price.
12. When the price of a good is above equilibrium level,
a. the quantity demanded exceeds the quantity supplied.
b. the quantity supplied exceeds the quantity demanded.
c. the supply curve shifts to the left.
d. the supply curve shifts to the right.
13. If demand for bread increases at every price, the equilibrium price of bread will
a. fall.
b. rise.
c. remain unchanged.
d. depend on income.
14. If the demand for bread declines, then
a. at the original equilibrium price, there is excess demand.
b. at the original equilibrium price, there is excess supply.
c. the supply curve shifts to the right.
d. the supply curve shifts to the left.
15. Peanut butter and jelly are complementary goods. When the price of peanut butter rises, the demand for jelly ________ and the price of jelly ________.
a. rises; falls
b. rises; rises
c. falls; rises
d. falls; falls
16. The measure of elasticity that economists use is
a. always a positive number.
b. always a negative number.
c. positive when demand is elastic and negative when demand is inelastic.
d. negative when demand is elastic and positive when demand is inelastic.
17. Graphically how would an increase in income affect the demand for hamburgers?
a. The slope of the demand curve would increase.
b. The slope of the demand curve would decrease.
c. The demand curve would shift outward, parallel to the original demand curve.
d. The demand curve would shift inward, parallel to the original demand curve.
18. Given the equation P = $6.00 − $.40Q, where P is the price of the good and Q is the quantity of the good demanded, how many units will this consumer demand if the price is $3.60?
a. 1.44 units
b. 3 units
c. 3.6 units
d. 6 units
19. Which of the following is true about unit elasticity?
a. Revenues remain unchanged when the price changes.
b. Elasticity of demand increases as one moves down the demand curve.
c. Elasticity of demand decreases as one moves down the demand curve.
d. The elasticity of demand is greater than one at every point along the demand curve.
20. Which of the following could be a determinant of the quantity demanded of a good?
a. The price of the good
b. The price of related goods
c. income
d. Expectations about the future price of the product
e. All of the above
I am a foreign student and I do not know much about US government classes.
I really appreciate your help.
Thank you so much.
In: Economics
Amazon Beverages produces and bottles a line of soft drinks using exotic fruits from Latin America and Asia. The manufacturing process entails mixing and adding juices and coloring ingredients at the bottling plant, which is a part of Mixing Division. The finished product is packaged in a company-produced glass bottle and packed in cases of 24 bottles each.
Because the appearance of the bottle heavily influences sales volume, Amazon developed a unique bottle production process at the company’s container plant, which is a part of Container Division. Mixing Division uses all of the container plant’s production. Each division (Mixing and Container) is considered a separate profit center and evaluated as such. As the new corporate controller, you are responsible for determining the proper transfer price to use for the bottles produced for Mixing Division.
At your request, Container Division’s general manager asked other bottle manufacturers to quote a price for the number and sizes demanded by Mixing Division. These competitive prices follow:
| Volume | Total Price | Price per Case | ||||
| 590,000 equivalent casesa | $ | 5,369,000 | $ | 9.10 | ||
| 1,180,000 | 9,558,000 | 8.10 | ||||
| 1,770,000 | 12,921,000 | 7.30 | ||||
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|
||||||
a An equivalent case represents 24 bottles.
Container Division's cost analysis indicates that it can produce bottles at these costs:
| Volume | Total Cost | Cost per Case | ||||
| 590,000 equivalent cases | $ | 4,471,000 | $ | 7.58 | ||
| 1,180,000 | 7,952,000 | 6.74 | ||||
| 1,770,000 | 11,433,000 | 6.46 | ||||
|
|
||||||
These costs include fixed costs of $990,000 and variable costs of $5.90 per equivalent case. These data have caused considerable corporate discussion as to the proper price to use in the transfer of bottles from Container Division to Mixing Division. This interest is heightened because a significant portion of a division manager’s income is an incentive bonus based on profit center results.
Mixing Division has the following costs in addition to the bottle costs:
| Volume | Total Cost | Cost per Case | ||||
| 590,000 equivalent cases | $ | 1,990,000 | $ | 3.37 | ||
| 1,180,000 | 2,790,000 | 2.36 | ||||
| 1,770,000 | 3,590,000 | 2.03 | ||||
|
|
||||||
The corporate marketing group has furnished the following price–demand relationship for the finished product:
| Sales Volume | Total Sales Revenue | Sales Price per Case | ||||
| 590,000 equivalent cases | $ | 12,921,000 | $ | 21.90 | ||
| 1,180,000 | 23,482,000 | 19.90 | ||||
| 1,770,000 | 29,913,000 | 16.90 | ||||
|
|
||||||
Required:
a. Amazon Beverages has used market price–based transfer prices in the past. Using the current market prices and costs and assuming a volume of 1.77 million cases (Enter your answers in thousands of dollars.)
a-1. Calculate operating profits for Container Division.
|
a-2. Calculate operating profits for Mixing Division.
|
a-3. Calculate operating profits for Amazon Beverages.
|
b-1. Calculate operating profits for Container for volumes of 590,000, 1,180,000 and 1,770,000cases. (Enter your answers in thousands of dollars.)
|
Which volume of production is the most profitable for Container?
| 590,000 cases | |
| 1,180,000 cases | |
| 1,770,000 cases |
b-2. Calculate operating profits for Mixing for volumes of 590,000, 1,180,000 and 1,770,000cases. (Enter your answers in thousands of dollars.)
|
Which volume of production is the most profitable for Mixing?
| 590,000 cases | |
| 1,180,000 cases | |
| 1,770,000 cases |
b-3. Calculate operating profits for Amazon Beverages for volumes of 590,000, 1,180,000 and 1,770,000cases. (Enter your answers in thousands of dollars.)
|
Which volume of production is the most profitable for Amazon Beverages?
| 590,000 cases | |
| 1,180,000 cases | |
| 1,770,000 cases |
In: Accounting
Amazon Beverages produces and bottles a line of soft drinks using exotic fruits from Latin America and Asia. The manufacturing process entails mixing and adding juices and coloring ingredients at the bottling plant, which is a part of Mixing Division. The finished product is packaged in a company-produced glass bottle and packed in cases of 24 bottles each. Because the appearance of the bottle heavily influences sales volume, Amazon developed a unique bottle production process at the company’s container plant, which is a part of Container Division. Mixing Division uses all of the container plant’s production. Each division (Mixing and Container) is considered a separate profit center and evaluated as such. As the new corporate controller, you are responsible for determining the proper transfer price to use for the bottles produced for Mixing Division. At your request, Container Division’s general manager asked other bottle manufacturers to quote a price for the number and sizes demanded by Mixing Division.
| Volume | Total Price | Price per Case | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 400,000 equivalent casesa | $ | 2,880,000 | $ | 7.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 800,000 | 5,000,000 | 6.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1,200,000 | 6,480,000 | 5.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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a An equivalent case represents 24 bottles. Container Division's cost analysis indicates that it can produce bottles at these costs:
These costs include fixed costs of $800,000 and variable costs of $4 per equivalent case. These data have caused considerable corporate discussion as to the proper price to use in the transfer of bottles from Container Division to Mixing Division. This interest is heightened because a significant portion of a division manager’s income is an incentive bonus based on profit center results. Mixing Division has the following costs in addition to the bottle costs:
The corporate marketing group has furnished the following price–demand relationship for the finished product:
Required: a. Amazon Beverages has used market price–based transfer prices in the past. Using the current market prices and costs and assuming a volume of 1.2 million cases (Enter your answers in thousands of dollars.) a-1. Calculate operating profits for Container Division. a-2. Calculate operating profits for Mixing Division. a-3. Calculate operating profits for Amazon Beverages. b-1. Calculate operating profits for Container for volumes of 400,000, 800,000 and 1,200,000 cases. (Enter your answers in thousands of dollars.) b-2. Calculate operating profits for Mixing for volumes of 400,000, 800,000 and 1,200,000 cases. (Enter your answers in thousands of dollars.) b-3. Calculate operating profits for Amazon Beverages for volumes of 400,000, 800,000 and 1,200,000 cases. (Enter your answers in thousands of dollars.) |
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In: Accounting
Amazon Beverages produces and bottles a line of soft drinks using exotic fruits from Latin America and Asia. The manufacturing process entails mixing and adding juices and coloring ingredients at the bottling plant, which is a part of Mixing Division. The finished product is packaged in a company-produced glass bottle and packed in cases of 24 bottles each.
Because the appearance of the bottle heavily influences sales volume, Amazon developed a unique bottle production process at the company’s container plant, which is a part of Container Division. Mixing Division uses all of the container plant’s production. Each division (Mixing and Container) is considered a separate profit center and evaluated as such. As the new corporate controller, you are responsible for determining the proper transfer price to use for the bottles produced for Mixing Division.
At your request, Container Division’s general manager asked other bottle manufacturers to quote a price for the number and sizes demanded by Mixing Division. These competitive prices follow.
| Volume | Total Price | Price per Case | ||||
| 460,000 equivalent casesa | $ | 3,588,000 | $ | 7.80 | ||
| 920,000 | 6,256,000 | 6.80 | ||||
| 1,380,000 | 8,280,000 | 6.00 | ||||
a An equivalent case represents 24 bottles.
Container Division's cost analysis indicates that it can produce bottles at these costs.
| Volume | Total Cost | Cost per Case | ||||
| 460,000 equivalent cases | $ | 2,976,000 | $ | 6.47 | ||
| 920,000 | 5,092,000 | 5.53 | ||||
| 1,380,000 | 7,208,000 | 5.22 | ||||
These costs include fixed costs of $860,000 and variable costs of $4.60 per equivalent case. These data have caused considerable corporate discussion as to the proper price to use in the transfer of bottles from Container Division to Mixing Division. This interest is heightened because a significant portion of a division manager’s income is an incentive bonus based on profit center results.
Mixing Division has the following costs in addition to the bottle costs.
| Volume | Total Cost | Cost per Case | ||||
| 460,000 equivalent cases | $ | 1,860,000 | $ | 4.04 | ||
| 920,000 | 2,660,000 | 2.89 | ||||
| 1,380,000 | 3,460,000 | 2.51 | ||||
The corporate marketing group has furnished the following price–demand relationship for the finished product:
| Sales Volume | Total Sales Revenue |
Sales Price per Case |
||||
| 460,000 equivalent cases | $ | 9,476,000 | $ | 20.60 | ||
| 920,000 | 17,112,000 | 18.60 | ||||
| 1,380,000 | 21,528,000 | 15.60 | ||||
Required:
a. Amazon Beverages has used market price–based transfer prices in the past. Using the current market prices and costs and assuming a volume of 1.38 million cases. Calculate operating profits for Container Division, Mixing Division, Amazon Beverages. (Enter your answers in thousands of dollars.)
b-1. Calculate operating profits for Container, Mixing and Amazon Beverages for volumes of 460,000, 920,000 and 1,380,000 cases. (Enter your answers in thousands of dollars.)
b-2. Which volume of production is the most profitable for Container, Mixing and Amazon Beverages?
In: Accounting
Amazon Beverages produces and bottles a line of soft drinks using exotic fruits from Latin America and Asia. The manufacturing process entails mixing and adding juices and coloring ingredients at the bottling plant, which is a part of Mixing Division. The finished product is packaged in a company-produced glass bottle and packed in cases of 24 bottles each.
Because the appearance of the bottle heavily influences sales volume, Amazon developed a unique bottle production process at the company's container plant, which is a part of Container Division. Mixing Division uses all of the container plant's production. Each division (Mixing and Container) is considered a separate profit center and evaluated as such. As the new corporate controller, you are responsible for determining the proper transfer price to use for the bottles produced for Mixing Division.
At your request, Container Division's general manager asked other bottle manufacturers to quote a price for the number and sizes demanded by Mixing Division. These competitive prices follow:
Volume Total Price Price per Case 580,000 equivalent casesa $ 5,220,000 $ 9.00 1,160,000 9,280,000 8.00 1,740,000 12,528,000 7.20
a An equivalent case represents 24 bottles.
Container Division's cost analysis indicates that it can produce bottles at these costs:
Volume Total Cost Cost per Case 580,000 equivalent cases $ 4,344,000 $ 7.49 1,160,000 7,708,000 6.64 1,740,000 11,072,000 6.36
These costs include fixed costs of $980,000 and variable costs of $5.80 per equivalent case. These data have caused considerable corporate discussion as to the proper price to use in the transfer of bottles from Container Division to Mixing Division. This interest is heightened because a significant portion of a division manager's income is an incentive bonus based on profit center results.
Mixing Division has the following costs in addition to the bottle costs:
Volume Total Cost Cost per Case 580,000 equivalent cases $ 1,980,000 $ 3.41 1,160,000 2,780,000 2.40 1,740,000 3,580,000 2.06
The corporate marketing group has furnished the following price-demand relationship for the finished product:
Sales Volume Total Sales Revenue Sales Price per Case 580,000 equivalent cases $ 12,644,000 $ 21.80 1,160,000 22,968,000 19.80 1,740,000 29,232,000 16.80
Required:
a. Amazon Beverages has used market price-based transfer prices in the past. Using the current market prices and costs and assuming a volume of 1.74 million cases (Enter your answers in thousands of dollars.)
a-1. Calculate operating profits for Container Division.
a-2. Calculate operating profits for Mixing Division.
a-3. Calculate operating profits for Amazon Beverages.
b-1. Calculate operating profits for Container for volumes of 580,000, 1,160,000 and 1,740,000cases. (Enter your answers in thousands of dollars.)
b-2. Calculate operating profits for Mixing for volumes of 580,000, 1,160,000 and 1,740,000cases. (Enter your answers in thousands of dollars.)
b-3. Calculate operating profits for Amazon Beverages for volumes of 580,000, 1,160,000 and 1,740,000cases. (Enter your answers in thousands of dollars.)
In: Accounting
Amazon Beverages produces and bottles a line of soft drinks using exotic fruits from Latin America and Asia. The manufacturing process entails mixing and adding juices and coloring ingredients at the bottling plant, which is a part of Mixing Division. The finished product is packaged in a company-produced glass bottle and packed in cases of 24 bottles each.
Because the appearance of the bottle heavily influences sales volume, Amazon developed a unique bottle production process at the company’s container plant, which is a part of Container Division. Mixing Division uses all of the container plant’s production. Each division (Mixing and Container) is considered a separate profit center and evaluated as such. As the new corporate controller, you are responsible for determining the proper transfer price to use for the bottles produced for Mixing Division.
At your request, Container Division’s general manager asked other bottle manufacturers to quote a price for the number and sizes demanded by Mixing Division. These competitive prices follow:
| Volume | Total Price | Price per Case | ||||
| 450,000 equivalent casesa | $ | 3,465,000 | $ | 7.70 | ||
| 900,000 | 6,030,000 | 6.70 | ||||
| 1,350,000 | 7,965,000 | 5.90 | ||||
a An equivalent case represents 24 bottles.
Container Division's cost analysis indicates that it can produce bottles at these costs:
| Volume | Total Cost | Cost per Case | ||||
| 450,000 equivalent cases | $ | 2,875,000 | $ | 6.39 | ||
| 900,000 | 4,900,000 | 5.44 | ||||
| 1,350,000 | 6,925,000 | 5.13 | ||||
These costs include fixed costs of $850,000 and variable costs of $4.50 per equivalent case. These data have caused considerable corporate discussion as to the proper price to use in the transfer of bottles from Container Division to Mixing Division. This interest is heightened because a significant portion of a division manager’s income is an incentive bonus based on profit center results.
Mixing Division has the following costs in addition to the bottle costs:
| Volume | Total Cost | Cost per Case | ||||
| 450,000 equivalent cases | $ | 1,850,000 | $ | 4.11 | ||
| 900,000 | 2,650,000 | 2.94 | ||||
| 1,350,000 | 3,450,000 | 2.56 | ||||
The corporate marketing group has furnished the following price–demand relationship for the finished product:
| Sales Volume | Total Sales Revenue | Sales Price per Case | ||||
| 450,000 equivalent cases | $ | 9,225,000 | $ | 20.50 | ||
| 900,000 | 16,650,000 | 18.50 | ||||
| 1,350,000 | 20,925,000 | 15.50 | ||||
Required:
a. Amazon Beverages has used market price–based transfer prices in the past. Using the current market prices and costs and assuming a volume of 1.35 million cases (Enter your answers in thousands of dollars.)
a-1. Calculate operating profits for Container Division.
a-2. Calculate operating profits for Mixing Division.
a-3. Calculate operating profits for Amazon Beverages.
b-1. Calculate operating profits for Container for volumes of 450,000, 900,000 and 1,350,000cases. (Enter your answers in thousands of dollars.)
Which volume of production is the most profitable for Container?
| 450,000 cases | |
| 900,000 cases | |
| 1,350,000 cases |
b-2. Calculate operating profits for Mixing for volumes of 450,000, 900,000 and 1,350,000cases. (Enter your answers in thousands of dollars.)
Which volume of production is the most profitable for Mixing?
| 450,000 cases | |
| 900,000 cases | |
| 1,350,000 cases |
b-3. Calculate operating profits for Amazon Beverages for volumes of 450,000, 900,000 and 1,350,000cases. (Enter your answers in thousands of dollars.)
Which volume of production is the most profitable for Amazon Beverages?
| 450,000 cases | |
| 900,000 cases | |
| 1,350,000 cases |
In: Accounting
Amazon Beverages produces and bottles a line of soft drinks using exotic fruits from Latin America and Asia. The manufacturing process entails mixing and adding juices and coloring ingredients at the bottling plant, which is a part of Mixing Division. The finished product is packaged in a company-produced glass bottle and packed in cases of 24 bottles each.
Because the appearance of the bottle heavily influences sales volume, Amazon developed a unique bottle production process at the company’s container plant, which is a part of Container Division. Mixing Division uses all of the container plant’s production. Each division (Mixing and Container) is considered a separate profit center and evaluated as such. As the new corporate controller, you are responsible for determining the proper transfer price to use for the bottles produced for Mixing Division.
At your request, Container Division’s general manager asked other bottle manufacturers to quote a price for the number and sizes demanded by Mixing Division. These competitive prices follow:
| Volume | Total Price | Price per Case | ||||
| 450,000 equivalent casesa | $ | 3,465,000 | $ | 7.70 | ||
| 900,000 | 6,030,000 | 6.70 | ||||
| 1,350,000 | 7,965,000 | 5.90 | ||||
a An equivalent case represents 24 bottles.
Container Division's cost analysis indicates that it can produce bottles at these costs:
| Volume | Total Cost | Cost per Case | ||||
| 450,000 equivalent cases | $ | 2,875,000 | $ | 6.39 | ||
| 900,000 | 4,900,000 | 5.44 | ||||
| 1,350,000 | 6,925,000 | 5.13 | ||||
These costs include fixed costs of $850,000 and variable costs of $4.50 per equivalent case. These data have caused considerable corporate discussion as to the proper price to use in the transfer of bottles from Container Division to Mixing Division. This interest is heightened because a significant portion of a division manager’s income is an incentive bonus based on profit center results.
Mixing Division has the following costs in addition to the bottle costs:
| Volume | Total Cost | Cost per Case | ||||
| 450,000 equivalent cases | $ | 1,850,000 | $ | 4.11 | ||
| 900,000 | 2,650,000 | 2.94 | ||||
| 1,350,000 | 3,450,000 | 2.56 | ||||
The corporate marketing group has furnished the following price–demand relationship for the finished product:
| Sales Volume | Total Sales Revenue | Sales Price per Case | ||||
| 450,000 equivalent cases | $ | 9,225,000 | $ | 20.50 | ||
| 900,000 | 16,650,000 | 18.50 | ||||
| 1,350,000 | 20,925,000 | 15.50 | ||||
Required:
a. Amazon Beverages has used market price–based transfer prices in the past. Using the current market prices and costs and assuming a volume of 1.35 million cases (Enter your answers in thousands of dollars.)
a-1. Calculate operating profits for Container Division.
a-2. Calculate operating profits for Mixing Division.
a-3. Calculate operating profits for Amazon Beverages.
b-1. Calculate operating profits for Container for volumes of 450,000, 900,000 and 1,350,000cases. (Enter your answers in thousands of dollars.)
Which volume of production is the most profitable for Container?
| 450,000 cases | |
| 900,000 cases | |
| 1,350,000 cases |
b-2. Calculate operating profits for Mixing for volumes of 450,000, 900,000 and 1,350,000cases. (Enter your answers in thousands of dollars.)
Which volume of production is the most profitable for Mixing?
| 450,000 cases | |
| 900,000 cases | |
| 1,350,000 cases |
b-3. Calculate operating profits for Amazon Beverages for volumes of 450,000, 900,000 and 1,350,000cases. (Enter your answers in thousands of dollars.)
Which volume of production is the most profitable for Amazon Beverages?
| 450,000 cases | |
| 900,000 cases | |
| 1,350,000 cases |
In: Accounting
In 1994, 52% of parents with children in high school felt it was a serious problem that high school students were not being taught enough math and science. A recent survey found that 368 of 800 parents with children in high school felt it was a serious problem that high school student were not being taught enough math and science. Do parents feel differently today than they did in 1994?
a. What does making a Type II error for this test mean in context?
b. If the researcher decides to test this hypothesis at the 0.05 level of significance, determine the probability of making a Type II error if the true population proportion is 0.50. What is the power of the test? Sketch the relevant distribution and region.
In: Statistics and Probability
1. Consider the following set of data relating Distance from School and Time to get to school:
Construct a scatter plot for the given data.
Does the scatter plot show positive/negative/no correlation? Justify your answer.
Find the least-square regression line (Best fit line).
If a student lives 6.8 miles away from school, what is her predicted time to get to school?
|
X (miles) |
Y (minutes) |
|
2 |
10 |
|
3 |
7 |
|
3.1 |
12 |
|
4.5 |
15 |
|
5 |
20 |
|
5.5 |
27 |
|
7 |
25 |
|
8.1 |
20 |
|
10 |
30 |
1
e. Is there a linear correlation between the two variables? (Hint: find t-test statistic value)
In: Statistics and Probability
A researcher is interested in the actions of football fans at tailgate parties. He believes there is some relationship between what they do and their level of education. He does a survey of a group of tailgaters and finds that 19% had less than a high school degree, 60% had a high school diploma, and 21% had a college degree or higher.
What is the probability that you would select at random a tailgater with a college degree from the group?
What is the probability that you would select at random a tailgater with a college degree or one with less than a high school diploma?
What is the probability that you would select at random 3 tailgaters total - 2 with a college degree and 1 with a high school diploma?
In: Statistics and Probability