Sixty-four students in an introductory college economics class were asked how many credits they had earned in college, and how certain they were about their choice of major. At α = .01, is the degree of certainty independent of credits earned?

(a) At α = .01, the hypothesis for the given issue is H₀: Credits Earned and Certainty of Major are independent.

• Yes

• No

(b) Calculate the chi-square test statistic, degrees of freedom, and the p-value. (Round your test statistic value to 2 decimal places and the p-value to 4 decimal places.)

(c) Find the critical value of the chi-square for α = .01. (Round your answer to 2 decimal places.)

Critical value               

(d) We can reject the null hypotheses and find independence.

• No

• Yes

Suppose that the demand function is D(p) = 600 - 3p and the supply function is S(p) = 300 + 3p.

1. Derive the equilibrium price and quantity.

2. What is the change in consumer's surplus after an increase in the price of 50 dollars?

3. Now suppose South Korea is exporting phone to United States and the demand function for Korean phones in the United States is the same as above (in thousands of phones), where p is the price of Korean phones in hundreds of dollars. If the supply curve is horizontally fixed at 60 dollars, find the equilibrium number of Korean phones sold in the United States and what is the price of Korean phones in total?

4. Now, suppose that the United States imposes an import tax on Korean phones which is 20 dollars for every Korean phone, due to huge pressure from American phone manufacturers. Find the amount of Phones will be sold in the US now. At what price they will be sold? Draw supply and demand curves for both before and after tax scenarios

5. How much revenue will the U.S government collect by this tariff?

6. Suppose that instead of US tax on the Korean phones, the Korean government decides to impose an export restriction on their phone exports. They agree to sell only 360 Korean phones in US. If the Koreans know the American demand curve, they will sell their phones at what price in US?

7. If the Korean government is selling export licenses for each Korean phone to each Korean manufacturer and there are 360 export licenses, how much will a Korean firm be willing to pay the Korean government for an export license?

8. Why might the Korean government choose the choice in part “7” to the US taxation scenario?

Suppose studies suggest that 52% of pets are overweight with 26% considered obese. Consider a vet who sees 49 random pets in the course of a day.

Step 1 of 3:

Describe the sampling distribution of the sample proportion of pets who are overweight if we use the pets that are seen in a single day as a random sample. Be sure to include all rationales.

Step 2 of 3:

Describe the sampling distribution of the sample proportion of pets who are overweight if we use the pets that are seen in a 5 day week as a random sample. Be sure to include all rationales.

Step 3 of 3:

Which of the following would accurately describe the sampling distribution of sample proportions for obese pets using a 5 day week as a random sample? Select the best answer.
μ_p = 52 and σ_p ≈ 0.028
μ_p = .26 and σ_p ≈ 0.028
CLT applies because our scenario is binomial such that n ≤ .05N and np(1-p) ≥ 10, therefore our sampling distribution is approximately normal.
σ_p ≈ 0.028
p = .26
μ_p = 52
μ_p = .26 and σ_p ≈ 0.028 and CLT applies because our scenario is binomial such that n ≤ .05N and np(1-p) ≥ 10, therefore our sampling distribution is approximately normal.
μ_p = .26 and σ_p ≈ 0.028 and CLT tells us it's not normal.
μ_p = .26

13

50% of students entering four-year colleges receive a degree within six years. Is this percent different from for students who play intramural sports? 146 of the 256 students who played intramural sports received a degree within six years. What can be concluded at the level of significance of αα = 0.05?

1. For this study, we should use Select an answer z-test for a population proportion t-test for a population mean
2. The null and alternative hypotheses would be:
   Ho: ? μ p  Select an answer ≠ > < =   (please enter a decimal)   
   H₁: ? p μ  Select an answer = > < ≠   (Please enter a decimal)

3. The test statistic ? z t  =  (please show your answer to 3 decimal places.)
4. The p-value =  (Please show your answer to 4 decimal places.)
5. The p-value is ? ≤ >  αα
6. Based on this, we should Select an answer accept reject fail to reject  the null hypothesis.
7. Thus, the final conclusion is that ...
   • The data suggest the population proportion is not significantly different from 50% at αα = 0.05, so there is sufficient evidence to conclude that the population proportion of students who played intramural sports who received a degree within six years is equal to 50%.
   • The data suggest the populaton proportion is significantly different from 50% at αα = 0.05, so there is sufficient evidence to conclude that the population proportion of students who played intramural sports who received a degree within six years is different from 50%
   • The data suggest the population proportion is not significantly different from 50% at αα = 0.05, so there is not sufficient evidence to conclude that the population proportion of students who played intramural sports who received a degree within six years is different from 50%.
8. Interpret the p-value in the context of the study.
   • There is a 2.44% chance that the percent of all students who played intramural sports who received a degree within six years differs from 50%.
   • If the population proportion of students who played intramural sports who received a degree within six years is 50% and if another 256 students who played intramural sports are surveyed then there would be a 2.44% chance that either more than 57% of the 256 studetns surveyed received a degree within six years or fewer than 43% of the 256 students surveyed received a degree within six years.
   • There is a 2.44% chance of a Type I error.
   • If the sample proportion of students who played intramural sports who received a degree within six years is 57% and if another 256 voters are surveyed then there would be a 2.44% chance that we would conclude either fewer than 50% of all students who played intramural sports received a degree within six years or more than 50% of all students who played intramural sports received a degree within six years.
9. Interpret the level of significance in the context of the study.
   • If the population proportion of students who played intramural sports who received a degree within six years is 50% and if another 256 students who played intramural sports are surveyed then there would be a 5% chance that we would end up falsely concluding that the proportion of all students who played intramural sports who received a degree within six years is different from 50%
   • There is a 5% chance that aliens have secretly taken over the earth and have cleverly disguised themselves as the presidents of each of the countries on earth.
   • There is a 5% chance that the proportion of all students who played intramural sports who received a degree within six years is different from 50%.
   • If the population proportion of students who played intramural sports who received a degree within six years is different from 50% and if another 256 students who played intramural sports are surveyed then there would be a 5% chance that we would end up falsely concluding that the proportion of all students who played intramural sports who received a degree within six years is equal to 50%.

14

10% of all Americans suffer from sleep apnea. A researcher suspects that a lower percentage of those who live in the inner city have sleep apnea. Of the 352 people from the inner city surveyed, 21 of them suffered from sleep apnea. What can be concluded at the level of significance of αα = 0.05?

1. For this study, we should use Select an answer t-test for a population mean z-test for a population proportion
2. The null and alternative hypotheses would be:
   Ho: ? μ p  Select an answer < ≠ = >   (please enter a decimal)   
   H₁: ? μ p  Select an answer ≠ > = <   (Please enter a decimal)

3. The test statistic ? z t  =  (please show your answer to 3 decimal places.)
4. The p-value =  (Please show your answer to 4 decimal places.)
5. The p-value is ? > ≤  αα
6. Based on this, we should Select an answer reject accept fail to reject  the null hypothesis.
7. Thus, the final conclusion is that ...
   • The data suggest the populaton proportion is significantly smaller than 10% at αα = 0.05, so there is sufficient evidence to conclude that the population proportion of inner city residents who have sleep apnea is smaller than 10%
   • The data suggest the population proportion is not significantly smaller than 10% at αα = 0.05, so there is sufficient evidence to conclude that the population proportion of inner city residents who have sleep apnea is equal to 10%.
   • The data suggest the population proportion is not significantly smaller than 10% at αα = 0.05, so there is not sufficient evidence to conclude that the population proportion of inner city residents who have sleep apnea is smaller than 10%.
8. Interpret the p-value in the context of the study.
   • If the sample proportion of inner city residents who have sleep apnea is 6% and if another 352 inner city residents are surveyed then there would be a 0.58% chance of concluding that fewer than 10% of inner city residents have sleep apnea.
   • If the population proportion of inner city residents who have sleep apnea is 10% and if another 352 inner city residents are surveyed then there would be a 0.58% chance fewer than 6% of the 352 residents surveyed have sleep apnea.
   • There is a 10% chance of a Type I error
   • There is a 0.58% chance that fewer than 10% of all inner city residents have sleep apnea.
9. Interpret the level of significance in the context of the study.
   • There is a 5% chance that aliens have secretly taken over the earth and have cleverly disguised themselves as the presidents of each of the countries on earth.
   • If the population proportion of inner city residents who have sleep apnea is 10% and if another 352 inner city residents are surveyed then there would be a 5% chance that we would end up falsely concluding that the proportion of all inner city residents who have sleep apnea is smaller than 10%.
   • If the population proportion of inner city residents who have sleep apnea is smaller than 10% and if another 352 inner city residents are surveyed then there would be a 5% chance that we would end up falsely concluding that the proportion of all inner city residents who have sleep apnea is equal to 10%.
   • There is a 5% chance that the proportion of all inner city residents who have sleep apnea is smaller than 10%.

Balls ‘n Bats is a $24 million company with 1 president and 10 sales reps
in these two territories: Northern U.S. ($16 million in sales, 7 reps),
Southern U.S. ($8 million in sales, 3 reps).
The company sells two different products (and each rep sells both):
-Balls ($18 million in sales) and
-Bats ($6 million in sales).

And you can assume that the following list contains
information on all costs for this company:
                Each rep is paid a straight salary of $60,000
                The company president is paid a salary of $200,000
                They recently ran a national TV ad for balls, which cost $300,000;

And then separately they ran a national TV ad for bats, which cost $100,000
Cost of goods sold is exactly 75% of sales

Based on a full cost analysis that allocates indirect costs using % of sales, how much of the company profit is generated by the Southern US territory? Enter dollar amount.

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Question: Use the Internet and/or Strayer Learning Resource Center to research a U.S.-based company that ma...

Use the Internet and/or Strayer Learning Resource Center to research a U.S.-based company that manufactures technology products. Recommend one (1) approach that your selected company can take in order to lower the direct labor costs of technology products while remaining competitive with global markets. Provide a rationale for your recommended approach. Imagine that you are a Chief Financial Officer (CFO) of a company. Recommend two (2) actions that you could take regarding the company’s supply chain to reduce manufacturing costs of direct materials.

Three resistors of 20, 50 and 60 ohms are connected to a battery having an emf of 15 volts. Draw the circuit diagram and determine the total resistance, the total and individual currents, total and individual voltages if the resistors are connected in series.

The United States has a lot of federally owned land. Unfortunately, uncontrolled natural forest fires destroy large areas in the western US every summer. In 2002, about 1,000,000 acres of standing timber in national forests were consumed. Some consideration is being given to improved management practices that could produce electric power from residual forest thinning. Estimate the lost energy content of burned US forests during 2002. Assuming the US average electricity demand is about 300,000 MW e , how much forested land would be needed to produce all the country ’ s power? Is this a sustainable alternative? How would you manage the forest lands needed? A few facts to consider: the total forested area on US federal lands in the lower 48 states is about 600 million acres with a standing stock density of about 100 dry metric tonnes of wood per acre. Woody plants and trees capture solar energy via photosynthesis at an average rate of about 0.8 W/m 2 , which corresponds to producing about 5 – 10 dry tons of biomass per acre annually with an average heating value of 8000 BTU/dry lb. Note that 1 acre = 43,560 ft 2 = 0.405 hectare = 4047 m 2 and the average heat-to-work conversion efficiency of a biomass-fired electric power plant is about 35%.

The most commonly used test for HIV has a sensitivity of 0.997 and a specificity of 0.985. In other words, a person infected with HIV will test positive for the virus 99.7% of the time while a person NOT infected with HIV will test NEGATIVE for the virus 98.5% of the time. Research current rates of infection for the indicated population in order to answer the following questions.

1. If a US randomly selected US resident is tested for HIV and the test shows a positive result, what is the probability that they are infected? In other words, what is the probability that a positive result is accurate?

2. If a US randomly selected US resident is tested for HIV and the test shows a negative result, what is the probability that they are infected?

3. Comment on the results from the previous questions. If you were to test positive for HIV, would it make sense to get retested? What if you were to test negative?

4. What is the probability that a positive HIV test is accurate for a resident of Pakistan? How likely is a negative test to be accurate?

5. What is the probability of a positive vs. a negative result being accurate in the Democratic Republic of Congo?

6. What is the probability of a positive vs. a negative result being accurate in Lesotho?

7. The science of diagnostic testing is basically the same no matter what you are testing for. As of 2015, approximately 7% of Americans had consumed cannabis in the last month. At the same time, approximately 0.5% of Americans had consumed cocaine in the past month. How much would you trust a positive test result for each drug?

1. The US Department of Education was established as a new cabinet department in 1982. College costs (tuition, room, board, books, expenses), after adjustment for inflation, have gone up from $8,000 in 1980 to more than $20,000 today. Is this a coincidence? Discuss how the government may be helping colleges raise total costs through collusive behavior and first-degree price discrimination.

2.     Drug firms engage in third-degree price discrimination when they sell their products overseas for a lower price than in the US. Why do drug firms choose to serve markets in which the price is controlled, such as Canada? How did they get the US FDA to help them keep the two markets separate (high demanders in the US, low demanders in Canada)?

3.        Concert promoters are monopolists, yet they often choose not to charge the profit-maximizing price for their concerts. Explain and illustrate with one or more diagrams how they set ticket prices, the impact their decision has on the size of the crowd, and the opportunity this situation creates for ticket scalpers.

4.     Chicago teachers and sumo wrestlers were shown by Levitt and Dubner to have engaged in cheating when faced with powerful incentives. For one of these groups, describe the incentives they faced, their actions that were detected by our authors, and the results of this cheating. You might wish to use a force field analysis to illustrate the incentives and decision making by the participants (potential cheaters).