The mean price of all magazines published in the United States is $3.64. The mean price of a random sample of 16 magazines is $3.47. The sampling error is:

PLEASE DO THE MATH and explain your answer!

a. -.17

b. $7.11

c. $.34

d. $.17

The data below shows the selling price​ (in hundred​ thousands) and the list price​ (in hundred​ thousands) of homes sold. Answer parts ​a-c.

a. Find the value of the linear correlation coefficient r.

b. Find the critical values of r from the table showing the critical values for the Pearson correlation coefficient using

alpha=0.05

c. Is there sufficient evidence to conclude that there is a linear correlation between the two​ variables?

1. The price-elasticity of demand for cocaine to be 0.3 (Ped =0.3). Is this price-elastic or price-inelastic? And Why?

2. The price-elasticity of demand for methamphetamine to be 1.5 (Ped = 1.5). Is this price-elastic or price-inelastic? And Why?

How does the price set by a monopolist compare with the price under competition? Using the markup equation introduced in the class, be specific about the difference in magnitude between the prices.

QUESTION 10

1. It is illegal to price discriminate EXCEPT in cases in which the price differences are due to actual cost differences. This situation is due to which antitrust act?

   		Contestable Market Act
   		Clayton Act
   		Federal Trade Commission Act
   		Sherman Antitrust Act

1 points   

QUESTION 11

1. If a firm is an oligopolist, which is NOT true?

   		It can sell all the units it wants at the going market price.
   		It must pay attention to other firms' prices.
   		It is one of a relatively small number of firms dominating its industry.
   		It is engaged in a strategic game.

1 points   

QUESTION 12

1. Which of the following mergers would most likely be challenged by the Federal Trade Commission?

   		an automaker and an insurance company
   		two largest wireless service providers in the U.S. wireless communication industry
   		two restaurants in a large metro area
   		one oil refinery in the U.S. and another oil refinery in Canada

1 points   

QUESTION 13

1. In a court decision in June 2001, the Federal District Count of Appeals in Washington, D.C. found that Microsoft had violated the

   		Robinson-Patman Act.
   		Clayton Act.
   		Sherman Act.
   		Celler-Kefauver Act.

If demand for bread increases at every price, the equilibrium price of bread will

a) The government is currently considering setting a maximum price (price ceiling) for basic goods to ensure that people can get access to these goods at this current time. Fully explain your answer and also use a single diagram to demonstrate the likely outcomes of this policy if the maximum price is set: 1. Below the current free-market price More people would be able to afford this time but having this at a set maximum price would result in high demand and the production will not be able to meet these demands 2. Above the current free-market price 3. At the current free market price

1.In market equilibrium, when the price of complement in production decreases, the price in the new equilibrium point will be........................

2. In market equilibrium, when the price of complement decreases, the new equilibrium quantity will be ……….……

3.

Compare and contrast the price elasticity of supply and price elasticity of demand, and define income elasticity and how it distinguishes normal and inferior goods.