For any Hypothesis Test make sure to state Ho, Ha, Test statistic, p-value, whether you reject Ho, and your conclusion in the words of the claim.

For any confidence interval make sure that you interpret the interval in context, in addition to using it for inference.

Round to the thousandths place

The USDA is concerned that most farmers are older Americans. In 2000, it was reported that 25% of all US farmers were over the age of 65. In 2020, a random sample of 350 US farmers was taken and it was found that 98 were over the age of 65. The USDA claims that the proportion of all farmers who are over the age of 65 is now greater than 25%. Does this provide evidence to support the USDA’s claim at the 5% significance level? Run a hypothesis test. Be sure state Ho and Ha, the test statistic and p-value, whether you reject Ho or not and your conclusion in terms of the claim.

1. The US central bank, the Federal Reserve, has two goals in mind when it makes monetary policy, keep inflation and unemployment as low as possible. Why is there tension between these goals? What three tools does the Fed (not the Feds- that is the FBI) use to meet these two goals?
2. If the Fed received data which insinuated that the unemployment rate was lower than the natural rate of unemployment, what might the Fed do in response to this information?
3. Compare the goals of the Federal Reserve when it conducts monetary policy to those of the executive branch of the US government when it conducts fiscal policy.
4. What fiscal policy decisions has the current administration made since taking office in 2016? What do various pundits have to say about the administration’s decisions?

5) Discuss the trade-offs that are evident in the Denmark’s decision to provide job re-training for workers who have lost their jobs.

Among the fun details in the article are the following estimates of price elasticity of demand:

A. Explain why the different estimates of price elasticity of demand for cigarettes regarding youth as opposed to all smokers in general either does or doesn’t seem to make sense.

B. Assuming that Japan is a wealthier country than either Bangladesh or China, why would demand for rice be less elastic in Japan than in either of the two other countries?

C. Why is demand for Coke and Mountain Dew more elastic than the demand for soft drinks in general?

D. If the price elasticity of supply for cannabis is 0.4, who would bear most of the burden of a cannabis tax, consumers or suppliers? Explain why.

Discussion # 1- Nature vs. Nurture

The biggest debate in psychology, seemingly, is the one about the origin of what makes us who we are. This debate is simply referred to as the 'Nature vs. Nurture' debate. The side of nature is what we are studying in this course, the biological influences and genetics that we come into this world with (what mom and dad gave us). The nuture side of things is simply the experiences we have in life, the friends and family, and how we were raised. It's obvious that it is a combination of these 2 elements, but what do you think that split might be and why?

For example, as a "neuro nerd", I believe the split is 80% biology/genes, and 20% environment. Not everybody feels that way, nor should they. What I would like you to do this week is to make an initial post stating what percent you think is biological and what percent is environment (50/50 maybe?) and why you think it is that way.

Discussion # 1- Nature vs. Nurture

The biggest debate in psychology, seemingly, is the one about the origin of what makes us who we are. This debate is simply referred to as the 'Nature vs. Nurture' debate. The side of nature is what we are studying in this course, the biological influences and genetics that we come into this world with (what mom and dad gave us). The nuture side of things is simply the experiences we have in life, the friends and family, and how we were raised. It's obvious that it is a combination of these 2 elements, but what do you think that split might be and why?

For example, as a "neuro nerd", I believe the split is 80% biology/genes, and 20% environment. Not everybody feels that way, nor should they. What I would like you to do this week is to make an initial post stating what percent you think is biological and what percent is environment (50/50 maybe?) and why you think it is that way.

3. Suppose members of a 3 person community would each benefit from basic medical research that found a cure for a deadly disease. Assume that such research is collectively (i.e. non-rivally) consumed, and that "units of research" can be measured by the number of "full-time equivalent" scientists, R, engaged in medical research. Assume further that each person's marginal valuation or willingness to pay for medical research is given by the following demand functions, where P is the marginal valuation, or willingness to pay for research, and R is the amount of research.

Person 1: P = 270 - 25R;

Person 2: P = 150 - 10R;

Person 3: P = 120 - 10R.

Assume further that additional research can be obtained at a constant marginal resource cost of $360 per unit.

a. Plot each demand curve as well as the marginal cost curve. How much medical research would any single individual be willing to support, given the marginal cost of research? (5 points)?

b. What is the socially efficient amount of medical research? Show your answer graphically and explain it. (8 points).

c.

Discuss the reason for the difference in your answer to questions 1 and 2. (7 points).

d.   Suppose a local private university proposed to fund the desired medical research by setting up a non-profit foundation financed by contributions from each person. Drawing on the lectures, the text, and the readings on the syllabus, discuss how the following factors might affect the likelihood that the foundation would receive enough contributions to fund the socially efficient amount of research on a voluntary, cooperative basis: (a) free rider incentive, (b) group size, (c) norms of cooperation, (e) altruism. (10 Points).

W74) Please answer in detail with EXCEL Function since I am learning in EXCEL function

Tests with Chi-Square distribution

1.    Variance

              A random sample of the number of games played by individual NBA scoring leaders is shown below and reproduced in the Excel answer workbook. If a sports analyst argues that this sample variance is no different from 40 at α = .05, is she correct? Assume, of course, that the number of games played variable is normally distributed.   Use the P-value method. (Round to 4 digits.) In your answer, as you’ll see in the Excel worksheet, you’re to identify the hypotheses, chi-square test statistic, and p-value, compute those values from the data set, and type in the correct conclusion.

(Hint: this is a two-tailed test. So compute the P/2 value corresponding to the Chi-square test statistic and compare it with α/2. Which tail of the Chi-square distribution to use? Compare your computed sample variance with the hypothesized population variance. If (n-1) s² / σ² > (n-3), use right tail; if less, use left tail.)

              88         86         80         74         82        

              79         82         78         60         75

              A university administrator found that 60% of all students view courses as very useful, 20% as somewhat useful, and 20% as worthless. Of a random sample of 100 students taking business courses, 68 found the course in question very useful; 18, somewhat useful; and 14, worthless. Test the null hypothesis that the population distribution for business courses is the same as that for all courses at a 10% level of significance.   In your answer, as usual, identify the hypotheses, compute the chi-square test statistic and p-value, and type in the correct conclusion.

Much of what we purchase we do not need. comment on how you feel marketers are successful in pushing us to purchase items we otherwise would not have. Describe an example of a product you were convinced to purchase and explain the approach taken by the company