Respond to each short answer question using two to three well-constructed paragraphs (150 – 250 words) containing specific details and examples that support your understanding of the concepts.

1. Explain how businesses can use price elasticity of demand to make decisions about whether to raise or lower prices.

1. Anyone who plays or watches sports has heard of the “home field advantage.” Tournaments in many sports are designed to try to neutralize the advantage of the home team or player. Most people believe that teams tend to win more often when they play at home. But do they? If there were no home field advantage, the home teams would win about half of all games played. To test this, we’ll use the games in the Major league Baseball 2017 season. That year, there were 2430 regular-season games. It turns out that the home team won 1312 of the 2430 games, or 53.99% of the time. Is there strong evidence that there exists a “home field advantage?” Use a significance level of 5% to test your hypothesis.

a) Define the parameter of interest.

b) State the hypotheses statements.

c) Check that the conditions have been met and name the significance test to be used. (Note: Though we are not interested in just the 2017 season, and this is not randomly selected, it is reasonable that the sample is representative of all Major League Baseball games in the recent past and near future.)

d) Perform the test and show all work.

e) Interpret the P-value and state your conclusion.

f) Calculate and interpret a 95% confidence interval.

g) Describe what a Type I and Type II error would be in the context of this problem.

Suppose that 28% of all Americans have experienced times when they haven’t been able to afford sufficient food. Separately, you sample 801 Americans who are financially less well-off than average Americans and find that 38% reported that there had been times in the last year when they had not been able to afford sufficient food. Does this indicate that the problem is more severe among those American who are less well-off? Test an appropriate hypothesis and state your conclusion. Make sure to check any necessary conditions and to state a conclusion in the context of the problem. Was your test one-tail upper tail, one-tail lower tail, or two-tail? Explain why you chose that kind of test in this situation. Find and explain what your P-value means in this context.

1. Suppose that 28% of all Americans have experienced times when they haven’t been able to afford sufficient food. Separately, you sample 801 Americans who are financially less well-off than average Americans and find that 38% reported that there had been times in the last year when they had not been able to afford sufficient food. Does this indicate that the problem is more severe among those American who are less well-off?

1. Test an appropriate hypothesis and state your conclusion. Make sure to check any necessary conditions and to state a conclusion in the context of the problem. Was your test one-tail upper tail, one-tail lower tail, or two-tail? Explain why you chose that kind of test in this situation.      
2. Find and explain what your P-value means in this context.

"Make a tree diagram to determine the theoretical probability for this experiment: Spin the arrows (not shown) on each of the following three spinners, and note the color where the arrow lands on each spinner. Spinner 1 is divided into two equal sectors, labeled “Red” and “Blue.” Spinner 2 is first divided into two equal sectors. The left is labeled “Green.” The right is then divided into two equal sectors, labeled “Red” and “Blue.” Spinner 3 is divided into three equal sectors, labeled “Red,” “Blue,” and “Green.” Give the sample space for the experiment and the probability of each outcome. What is the probability of getting at least 1 red? What is the probability of getting at least 1 blue?"

Two boat landings are 2.7 km apart on the same bank of a stream that flows at 2.5 km/hr. A motorboat makes the round trip between the two landings in 2.9 hr. What is the speed of the boat relative to the water? Answer in units of km/hr.

please explain in detail step by step.

1) Another challenge for economic studies (especially manufacturing) is the projection of fluctuations in currency. How can currency changes alter an economic analysis? What are the specific challenges in forecasting currency fluctuations? How can a company protect against currency issues that can impact economic studies? Explain in detail?

1. Explain in detail how countries can grow their economy.

Please provide examples and show references.

2. If a country is experiencing high rates of unemployment, what are some things government or other agencies can do to attempt to reverse the trend and why?

Please provide examples and show references.

West Nile Virus

You are the director of communicable diseases in a city health department, responsible for a large urban community. It is early spring in 2003. For the past two years, your department has been working to control the spread of the West Nile Virus and you are pleased with the progress so far. This morning you read about a suspected outbreak of a new disease called SARS which is suspected to have killed dozens of people in Hong Kong. While West Nile Virus is carried by birds, especially crows, SARS is transmitted among people.

When you get to the office and check your email you learn that the World Health Organization has placed a number of East Asian cities off limits for all but essential travel. You also learn that Canada has reported deaths they believe are due to SARS. You are now confronted with addressing a new and virulent contagious disease.

Based on your understanding of the SARS case study, answer the following questions:

In your opinion, what could be the possible reasons of a sudden outbreak of new disease?
What are the ways of addressing a new and virulent contagious disease?
Discuss in detail about the countries, which have faced epidemics in the past. What would have been the possible reasons for such outbreaks?