1. Consider the following two groups of consumers in the market for movie tickets – Students and Working Adults. Suppose the Marginal Cost of selling to either group is the same and equal to $4. At the monopoly price for each group, demand elasticities are as follows:

|E_S|= 3 and |E_W|= 2

1. What is the Lerner Index of Market Power in the student market?
2. What is the Lerner Index of Market Power in the Working Adult market?
3. What is the monopoly price charged to Students?
4. What is the monopoly price charged to Working Adults?
5. Explain the relationship between the differences in Lerner index of the two groups and the difference in price to the two groups.

A study investigated if cell phone use impacted student drivers' reaction times. There were two groups: 27 students were assigned to the cell phone group while 27 students were assigned to the control group. The experiment measured the response time to traffic lights; for the cell phone group, the mean was 583 with a standard deviation of 89.5 and for the control group, the mean was 537.7 with a standard deviation of 66.5. Construct a 90% confidence interval for the difference in mean response times between the cell phone and control groups. What is the Margin of Error (E), Lower Limit, and Upper Limit?

The grade point averages (GPA) of 18 randomly selected college students are used to estimate the mean GPA of the college students. The GPAs from the sample are as follows:

2.3       3.3       2.6       1.8 0.2 3.1       4.0       0.7 3.1

2.3       2.0       3.1       3.4       1.3       2.6       2.6 3.7 2.2

1. (5 points) Is it justified to use of the standard normal distribution to construct the confidence interval? Explain.
2. (10 points) If the population is assumed to be normally distributed, construct a 98% confidence interval for the population mean GPA. Show your work in detail and use 3 decimal digits.

Let's assume our class represents a normal population with a known mean of 95 and population standard deviation 3. There are 120 students in the class.

a. Construct the 95% confidence interval for the population mean.

b. Interpret what this means.

c. A few students have come in. Now we cannot assume normality and we don't know the population standard deviation. Let the sample mean = 90 and sample standard deviation = 2. Let's make the sample size 20. We can assume alpha to be .05. Construct the 95% confidence interval assuming this new information.

Your University wish to determine how alcohol consumption patterns among students impact their GPAs. You and your classmates’ task (as a group) is to discuss and formulate a RESEARCH PROPOSAL, proposing how the research would be conducted, from start to completion, step-by-step, in order to ultimately produce a useful and dependable report that would guide the University in introducing positive measures that improve students’ academic qualities. Among many things, you and your classmates would definitely want to propose the inclusion of any descriptive statistics and tests that are useful in uncovering the relationship between alcohol consumption patterns and GPAs achieved.

To answer the following questions, students should use a sum of relevant economic theories

(if require) for the justification of their answers. Students can also use figures (i.e., supply

and demand curves) for presenting their answers.

Consider the financial crisis 2007-2009 in USA.

Now, assume that the crisis has been continuing for 10 years. We call this period as a long

run period.

1. Explain the effect of this crisis on USA's GDP in long-run?

2. Explain the effect of this crisis on USA's inflation rate in long-run?

3. Explain the effect of this crisis on USA's labour market in long-run?

Scores on Professor Combs' Statistics Final Exams have a long term history of being normally distributed, with a mean of μμ = 72 and a standard deviation of σσ = 9

a.) Find the probability that a single student will score above a 77 on the Final exam.

b.) Find the probability that a single student will score between a 67 and 77 on the Final exam.

c.) Find the probability that an entire class of 20 students will have a class average above a 77 on the exam.

d) Find the probability that an entire class of 20 students will have a class average between 67 and 77 on the Final exam.

A nurse educator is interested in the difference between traditional clinical instruction in pediatrics and simulated pediatrics instruction in a BSN (Bachelor’s of Science in Nursing) program. She randomizes students to receiving 50 hours of either traditional clinical rotations in a pediatrics department or 50 hours of simulated instruction in pediatrics. At the end of the 50 hours, the students are assessed for clinical competency in pediatrics using a standardized instrument that yields a pass/fail result. Her research question is: Is there a difference in between the traditional clinical group and the simulation group on rates of passing the competency assessment? What is the appropriate statistic to address the research question?

Assuming that a college is conducting a survey on student union activities. One of the questions on the survey asks students what they think of the quality of work the student union is doing on campus. The possible responses are excellent, good, fair and poor. Another question on the survey asks students how they feel about a proposed fee increase to help fund the cost of building a new student dorm. The possible responses to this question are favor, oppose and no opinion.

a) develop the sample space for someone who is responding to both questions.

b)show how a tree diagram can be used to display the outcomes listed in part a

Finance course grade information regarding male and female students of a large university is shown belo

w

(

Q1

and

Q2

unknown

) and

assumed unequal

). Sample size (female-24, male-28) Sample mean grade (female-29.8, male-27.3) Sample variance ( female-6,554, male-3,276)

a)

Test whether or not the average grade of females is significantly greater than that of males at

⍺

=0,05 %

significance level?

b)

Develop 90 % confidence interval estimate of the difference between grade

of the female and male

students.

Not: You have to draw the table to see which area that you have to calculate