US and Canada can both grow wheat and can do mining. Use the following table to look for which country has a comparative advantage in mining. (Hint: Find the cost of mining in terms of wheat in each country.) Absolute Cost in US Absolute Cost in Canada Wheat $5 C$8 Mining $10 C$12
Read DetailsCase-1: Regression Statistics. June Ward, controller for NAFTA, Inc., has asked you to analyze demand in 30 regional markets for Beaver’s Cleavers, a new brush cutting device, dubbed Product Y. A statistical analysis of demand in these markets shows (standard errors in parentheses): QY = 2,000 – 25P + 10PX + 0.025I (1,500) (8) (4) (0.011) R2 = 80% F = 34.7 Standard Error of the Estimate = 40 Here, QY is market demand for Product Y, P is the price of Y in dollars, A is dollars of advertising expenditures, PX is the average price in dollars of another (unidentified) product, and I is dollars of household income. In a typical market, the price of Y is $100, PX is $50, and disposable income per family averages $80,000. Based on the regression results, the predicted or expected level of demand in a typical market would be:
Read Details20.Price Elasticity. Z-Best Pizza recently decided to raise its regular price on medium pizzas from $9 to $12 following increases in the costs of labor and materials. Unfortunately, sales dropped sharply from 8,100 to 4,500 pizzas per month. In an effort to regain lost sales, Z-Best ran a coupon promotion featuring $5 off the new regular price. Coupon printing and distribution costs totaled $100, and caused only a modest increase in the typical advertising budget of $2,400 per month. The promotion was judged a success as it proved highly popular with consumers. In the period prior to expiration, coupons were used on 40% of all purchases and monthly sales rose to 7,500 pizzas. The arc price elasticity implied by the initial response to Z-Best’s price increase is:
Read DetailsMr. Geppetto uses exponential smoothing to predict revenue in his wood carving business. He uses a weight of w = .4 for the naïve forecast and (1-w) = .6 for the past forecast. What revenue did he predict for March using the data below? Select closet answer. MONTH REVENUE FORECAST Nov 100 100 Dec 90 100 Jan 115 —- Feb 110 —- MARCH ? ?
Read DetailsCase-1: Regression Statistics. June Ward, controller for NAFTA, Inc., has asked you to analyze demand in 30 regional markets for Beaver’s Cleavers, a new brush cutting d service, dubbed Product Y. A statistical analysis of demand in these markets shows (standard errors in parentheses): QY = 2,000 – 25P + 10PX + 0.025I (1,500) (8) (4) (0.011) R2 = 80% F = 34.7 Standard Error of the Estimate = 40 Here, QY is market demand for Product Y, P is the price of Y in dollars, A is dollars of advertising expenditures, PX is the average price in dollars of another (unidentified) product, and I is dollars of household income. In a typical market, the price of Y is $100, PX is $50, and disposable income per family averages $80,000. In order to answer the question, you need to use the following table with critical values for the F-distribution: Table 1: Critical Values for F-distribution at 10% Level of Significance Numerator Degrees of Freedom 1 2 3 4 5 6 7 8 9 10 Denominator Degrees of Freedom 10 3.29 2.92 2.73 2.61 2.52 2.46 2.41 2.38 2.35 2.32 11 3.23 2.86 2.66 2.54 2.45 2.39 2.34 2.30 2.27 2.25 12 3.18 2.81 2.61 2.48 2.39 2.33 2.28 2.24 2.21 2.19 13 3.14 2.76 2.56 2.43 2.35 2.28 2.23 2.20 2.16 2.14 30 2.88 2.49 2.28 2.14 2.05 1.98 1.93 1.88 1.85 1.82 120 2.75 2.35 2.13 1.99 1.90 1.82 1.77 1.72 1.68 1.65 More than 120 2.71 2.30 2.08 1.94 1.85 1.77 1.72 1.67 1.63 1.60 Table 2: Critical Values for F-distribution at 5% Level of Significance Numerator Degrees of Freedom 1 2 3 4 5 6 7 8 9 10 Denominator Degrees of Freedom 10 4.96 4.10 3.71 3.48 3.33 3.22 3.14 3.07 3.02 2.98 11 4.84 3.98 3.59 3.36 3.20 3.09 3.01 2.95 2.90 2.85 12 4.75 3.89 3.49 3.26 3.11 3.00 2.91 2.85 2.80 2.75 13 4.67 3.81 3.41 3.18 3.03 2.92 2.83 2.77 2.71 2.67 30 4.17 3.32 2.92 2.69 2.53 2.42 2.33 2.27 2.21 2.16 120 3.92 3.07 2.68 2.45 2.29 2.17 2.09 2.02 1.96 1.91 More than 120 3.84 3.00 2.60 2.37 2.21 2.10 2.01 1.94 1.88 1.83 Table 3: Critical Values for F-distribution at 1% Level of Significance Numerator Degrees of Freedom 1 2 3 4 5 6 7 8 9 10 Denominator Degrees of Freedom 10 10.04 7.56 6.55 5.99 5.64 5.39 5.20 5.06 4.94 4.85 11 9.65 7.21 6.22 5.67 5.32 5.07 4.89 4.74 4.63 4.54 12 9.33 6.93 5.95 5.41 5.06 4.82 4.64 4.50 4.39 4.30 13 9.07 6.70 5.74 5.21 4.86 4.62 4.44 4.30 4.19 4.10 30 7.56 5.39 4.51 4.02 3.70 3.47 3.30 3.17 3.07 2.98 120 6.85 4.79 3.95 3.48 3.17 2.96 2.79 2.66 2.56 2.47 More than 120 6.63 4.61 3.78 3.32 3.02 2.80 2.64 2.51 2.41 2.32 Based on the F test, we can conclude the following about the overall significance of the regressions results:
Read DetailsShort Answer Question 2: Fundamental Attribution Error. Respond to the 3 items below. Please number your responses. Define (in detail) the fundamental attribution error. The definition should have two components. (2 points) Consider the following scenario and answer the question. (2 points) Scenario: You are walking across campus when another student suddenly walks directly in front of you and cuts you off. They do not apologize and continue walking without acknowledging you. Question: What would the fundamental error predict about the cause to which you will attribute the student’s behavior? Describe a scenario from your own life where you committed the fundamental attribution error. Note: The example must be different than the one provided to you above regarding the waiter at a restaurant. Be specific! (2 points)
Read DetailsThe nurse is assessing the pupillary response as the client looks at a distant object, then follows the object as it is brought closer to the bridge of their nose. The nurse is assessing to ensure the pupils constrict and converge. Which of the following is the nurse assessing for:
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