The time until failure of the hard drives on laptops currently sold in the United States follows an exponential distribution, with a mean of 4.2 years. A company offers a special incentive program that guarantees a $500 refund if the hard drive on their laptops fails in the first year after purchase, and a $100 refund if the hard drive fails in the second year after purchase. Find the expected refund a customer would receive after purchasing one of this company’s laptops.

75% of owned dogs in the United States are spayed or neutered. Round your answers to four decimal places. If 41 owned dogs are randomly selected, find the probability that

a. Exactly 29 of them are spayed or neutered. _____
b. At most 33 of them are spayed or neutered. _____  
c. At least 31 of them are spayed or neutered._____
d. Between 29 and 33 (including 29 and 33) of them are spayed or neutered. _____

1. The United States uses a set of three “key economic indicators” to measure the health of the U.S. economy. What are these three key economic indicators, and what does each indicator tell us about the health of our economy? What are the advantages or disadvantages of looking at just one of these indicators without considering the others?
2. There is a variety of strategies that a business can use in order to reach global markets. For each of the following businesses, which strategy would be appropriate? Once you have selected an appropriate strategy, provide one advantage and one disadvantage the business may encounter when employing the strategy.
   1. A manufacturer of high-tech drones used to map the surface of the planet Mercury
   2. A clothing company that specializes in designer clothing for children under the age of ten
   3. A doughnut shop that has locations in thirty-two states but now wants to take its “bake-and-take” doughnuts to the global market
3. 3.Identify and explain the three ways that the Federal Reserve controls the money supply. What is the impact on business when the money supply is increased? What is the impact on business when the money supply is decreased

The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $120. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $560 or more (to 4 decimals)? b. What is the probability that a domestic airfare is $260 or less (to 4 decimals)? c. What if the probability that a domestic airfare is between $310 and $510 (to 4 decimals)? d. What is the cost for the 2% highest domestic airfares? (rounded to nearest dollar) $ or more/less.

1. Would the United States be improved overall if the leadership role of president as head of state, chief executive officer, and commander in chief were constitutionally assigned to other governmental officials other than one president? What do you think the advantages and disadvantages to giving the president all these powers are?

Additionally, modern presidents have gained more power through different inherent powers (i.e., executive privilege, executive orders, executive signing statements and executive agreements).

2. Do these claimed inherent exercises of presidential powers upset the system of check and balances between branches? Why or Why not?

A report on health care in the United States said that 28% of Americans have experienced times when they haven’t been able to afford medical care. A news organization randomly sampled 801 black Americans, of whom 256 reported that there had been times in the last year when they had not been able to afford medical care. Does this indicate that this problem is more severe among black Americans? Construct an appropriate Hypothesis Test to answer this question. Use a 95 percent level of confidence. Show work.

Suppose that the United States economy is in deep recession.

(a)    Imagine an aggregate demand and aggregate supply graph, would the equilibrium price level and real gross domestic product be below, above, or at full employment?

(b)   There is a debate in Congress as to whether to decrease personal income taxes by a given amount or to increase government purchases by this amount. Which of these two fiscal policies will have a larger impact on real gross domestic product? Explain

(c)    Explain how a decrease in personal income taxes will affect each of the following in the short run.

(i)             Consumption

(ii)            Real GDP and Price Level

(iii)           Imports

(iv)           Exports

(d)   Explain the mechanism by which an increase in net investment will cause each of the following to change.

(i)             Aggregate demand

(ii)            Long-run aggregate supply

The mean cost of domestic airfares in the United States rose to an all-time high of $375 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $100. Use Table 1 in Appendix B.

a. What is the probability that a domestic airfare is $540 or more (to 4 decimals)?

b. What is the probability that a domestic airfare is $265 or less (to 4 decimals)?

c. What if the probability that a domestic airfare is between $320 and $480 (to 4 decimals)?

d. What is the cost for the 5% highest domestic airfares? (rounded to nearest dollar)

USA Today reported that about 47% of the general consumer population in the United States
is loyal to the automobile manufacturer of their choice. Suppose Chevrolet did a study of a
random sample of 1006 Chevrolet owners and found that 490 said they would buy another
Chevrolet. Does this indicate that the population proportion of consumers loyal to Chevrolet is
more than 47%? Use 1% level of significance.
a. Identify the underlying distribution and state why.
b. State the null hypothesis.
c. State the alternative hypothesis.
d. Circle one: One Tail Test / Two Tail Test.
e. State the critical value for the hypothesis test.
f. Illustrate graphically the rejection region.
g. Compute the test statistic.
h. Find the p-value for the test statistic.
i. Give the significant statement for the hypothesis test: At the ________ level of significance,
there is ______________________ evidence to reject the null hypothesis.
j. State the critical value for the estimation of the confidence interval.
k. Construct a 99% confidence interval for the true proportion of consumers who are loyal to
Chevrolet.
i. Margin of error:
ii. Confidence Interval:
l. Give the confidence statement for the confidence interval: I am _________ confident that the
true ________________________ of consumers who are loyal to Chevrolet is between
____________ and ______________.

USA Today reported that about 47% of the general consumer population in the United States is loyal to the automobile manufacturer of their choice. Suppose Chevrolet did a study of a random sample of 1009 Chevrolet owners and found that 483 said they would buy another Chevrolet. Does this indicate that the population proportion of consumers loyal to Chevrolet is more than 47%? Use α = 0.01.(a) What is the level of significance?


State the null and alternate hypotheses.

H₀: p = 0.47; H₁: p ≠ 0.47H₀: p = 0.47; H₁: p > 0.47    H₀: p = 0.47; H₁: p < 0.47H₀: p > 0.47; H₁: p = 0.47

(b) What sampling distribution will you use?

The standard normal, since np < 5 and nq < 5.The Student's t, since np > 5 and nq > 5.    The standard normal, since np > 5 and nq > 5.The Student's t, since np < 5 and nq < 5.

What is the value of the sample test statistic? (Round your answer to two decimal places.)


(c) Find the P-value of the test statistic. (Round your answer to four decimal places.)