A researcher at the Annenberg School of Communication is interested in studying the use of smartphones among young adults. She wants to know the average amount of time that college students in the United States hold a smartphone in their hand each day. The researcher obtains data for one day from a random sample of 25 college students (who own smartphones). She installs an app that registers whenever the smartphone is being held and the screen is on. The sample mean is 230 minutes, with a standard deviation of 11 minutes.

What is the 99% confidence interval for average daily time a smartphone is used among college students?

What is the lower bound of the confidence interval?   

What is the upper bound of the confidence interval?

What decision should the researcher make about the null hypothesis? Be sure to explain your answer (e.g., what numbers provide the basis for this decision?).

Would our decision about the null hypothesis have been different if the researcher had initially hypothesized that women spend more time talking on their phones than men?

Explain all parts/information necessary to answer this question.

74) When the price of perfume changes from $24 to $26, the quantity supplied increases from 100 jars to 150 jars. What is the elasticity of supply of perfume?
A) 25.0
B) 5.0
C) 0.04
D) 0.2
76) An 18 percent increase in the price of a small car results in a 10 percent increase in the quantity supplied. The price elasticity of supply is equal to
A) 0.75.
B) 0.40.
C) 1.80.
D) 0.55.
77) Which of the following statements is CORRECT?
A) A change in the quantity demanded means a shift in the demand curve.
B) A change in demand means a shift in the demand curve while change in the quantity demanded means a movement along the demand curve.
C) A change in demand means a movement along the demand curve.
D) A change in demand and change in quantity demanded means the same thing.
78) When Janet Yellen, Chair of the Federal Reserve, addresses Congress regarding the United States role in the world economy, she is discussing
A) incentives.
B) a mic-roeconomic topic.
C) scarcity.
D) a macroeconomic topic

________ would most likely be characterized as being an imperative business custom in many cultures.

A) Establishing friendships

B) Knowing to speak and write the native language

C) Adhering to local food habits

D) Conforming to the native religions

E) Having knowledge of the local sport

What effect did the Basel Convention have on world trade?

A) It allowed the United States full control over the developing countries of Central America.

B) It mandated a total ban on the export of hazardous waste by developed nations.

C) It required a country to remove tax barriers when importing or exporting to a contingent nation.

D) It implemented higher tariffs on exports that created greenhouse-gas emissions.

E) It eliminated anti-dumping policies on electronic devices.

In a culture with a high Uncertainty Avoidance Index (UAI), you are more likely to find that members

A) seek absolute truth.

B) take a more empirical approach to understanding and knowledge.

C) tend to have a low level of anxiety.

D) have a low level of concern with security and rule following.

E) are highly tolerant of ambiguity.

In each of the following cases, use a diagram to show which curve, supply or demand, shifts, and explain how the market transitions to a new equilibrium price and quantity. Be sure to include both supply and demand in your diagrams.

•Tina Turner is a legend of R&B and soul music. Given her advanced age, she will probably die soon. What does this do to the market for Tina Turner collectibles and memorabilia?

•In November, 2015, a series of coordinated terrorist attacks occurred in Paris, France; 130 people were killed. How would this have affected the market for hotels in France?

•Steel workers unionize and negotiate for higher wages and safer working conditions.

•Overnight, half of the population of St. Catharines become millionaires. How does this affect Niagara’s fine dining industry?

•A government-funded public information campaign warns of the dangers of STIs.How will this impact the market for prostitution?

•In 1976, Pablo Escobar founded the Medellin Cartel, which ruthlessly murdered competitors, and ended up controlling 80% of the United States’ cocaine market.

Fisher-Gardner Corporation (FGC) began operations 5 years ago as a small firm serving customers in the Chicago area. However, its reputation and market area grew quickly. Today FGC has customers all over the United States. Despite its broad customer base, FGC has maintained its headquarters in Detroit, and it keeps its central billing system there. On average, it takes 7 days from the time customers mail in payments until FGC can receive, process, and deposit them. FGC would like to set up a lockbox collection system, which it estimates would reduce the time lag from customer mailing to deposit by 2 days-bringing it down to 5 days. FGC receives an average of $2,300,000 in payments per day.

How much free cash would FGC generate if it implemented the lockbox system? Would this be a one-time cash flow or a recurring one, assuming the company creates to grow. How would growth affect your answer?

In the 1990s politicians in Washington D.C. were looking for ways to balance the budget. Former Federal Reserve Chairman Alan Greenspan brought attention to the importance of the Consumer Price Index (CPI) and its link to cost-of-living adjustments (COLAs) in several areas of the federal budget--most notably Social Security. Alan Greenspan argued that the CPI overstated inflation and thus led to unjustified COLAs. According to Alan Greenspan, these unjustified COLAs therefore increased the deficit, and if the overstatements in the CPI were corrected this would contribute to balancing the budget.

The Senate Finance Committee created the Boskin Commission in the 1990s to examine possible overstatements of the CPI. The commission came out with its estimate that the CPI overstated inflation by 1.1%.

Answer the following questions:

1. If the Boskin Commission's estimate was right and the CPI overstates inflation by 1.1 % every year--what does that say about real GDP per capita and living standards in general in the United States, which are affected by the CPI ?

2. What are some of the sources of this possible overstatement of the CPI, which is calculated by the Bureau of Labor Statistics?

23. Late in summer of 1996, Tiger Woods became a professional golfer. This highly publicized event followed a sensational college career at Stanford University, where Tiger won three United States Amateur Championships. Tiger was not a professional very long before he had his first win on the pro tour, the Las Vegas Invitational. He received a total of $297,000 for his accomplishment. The prize money (in thousands of dollars) for the top 40 finishers in the tournament are given below.

1. Find the mean

2. Find the median

3. Find the mode

4. Find the 10% trimmed mean and compare it to the mean and the median.

5. Comment on the skewness of the distribution.

The hearing aid battery market has been quietly, but steadily, growing. This growth is attributed to an aging population and the improvement in hearing aid technology. Zinc air replacement batteries use air outside the battery as a source of power. There is a tab on the battery which seals the air holes to ensure freshness until the customer is ready to use the battery. To activate the battery, simply remove the tab, wait one minute to allow air to enter and activate the ingredients, and insert the battery into your hearing air. Zinc air batteries last 3 to 21 days, depending on the actual hearing aid and battery size. Costco is a major competitor in this market. In 2010 Costco reported 11.6 million zinc battery customers, who purchased a total of $ 1.56 billion of disposable hearing aid batteries. In the United States there were 54.8 million disposable hearing aid battery customers, who purchased $ 4.69 billion in this category. Calculate the heavy usage index for Costco customers. Report your answer rounded to two decimal places.