Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A's utility function is given by: UA(X. Y) = X*Y3 And consumer B's utility function is given by UB(X,Y) = X*Y. Therefore, consumer A's marginal utilities for each good are given by: MUy = Y3 MUy=3X*Y2 Also, consumer B's marginal utilities for each good are given by: MUx= Y MUy = X Initial Endowments are given by Person A has 40 units of good X and 20 units of good Y. Person B has 30 units of good X and 20 units of good Y. Suppose Py = 1, a) What is the value of Py that will result in a competitive equilibrium? (Ans: Py=1/3, but I don't know why) b) How much of each good will each consumer demand in equilibrium

Q: Times for a surgical procedure are normally distributed. There are two methods. Method A has a mean ...

A: Given : Times for a surgical procedure are normally distributed Method A has a mean of 25 minutes an...

Q: The variable Z is normally distributed with mean 0 and standard deviation 1. Find the value a such t...

A: Given that Mean(µ) = 0Standard deviations (σ) = 1X ~ N (µ, σ )= N( 0,1)

Q: This sampling technique is used to ensure a representative of each group, especially when the popula...

A: Here, we know that if the population is very large and heterogeneous, then whole population divide i...

Q: Choose the letter of the best answer. Write the chosen letter on a separate sheet of рaper. 1. What ...

A:

Q: A retail company has historically sold an average of 32 items per day. A local franchise is testing ...

A: Here is given that, n = 30 t-statistic is 13.69 Hypothesis is one tailed test.

Q: Determine whether the data described are discrete or continuous. The velocity of a pitched baseball....

A:

Q: The accompanying dataset provides data on monthly unemployment rates for a certain region over four ...

A: Given information: Year Month Rate(%) 2014 January 7.7 2014 February 8.2 2014 March 8.9 ...

Q: Researchers Regine Dilla and associates wanted to determine whether consumption of cola is associate...

A:

Q: Suppose that the average number of Facebook friends that users have is normally distributed with a m...

A:

Q: Question 6: Let A and B be two events such that P(A) = 0.35, P(B) = 0.45, and P(A and B) = 0.1575. U...

A: Given that P (A ) =0.35 ,P( B ) =0.45 ,P ( A and B ) = 0.1575 ( d ) Are A and B disjoint ? ( e ) ) A...

Q: The average price of a college math textbook is $178 and the standard deviation is $24. Suppose that...

A:

Q: The letters in the word MATHEMATICS are arranged randomly. Write your answers in decimal form. Round...

A:

Q: Heights of men on a baseball team have a​ bell-shaped distribution with a mean of 180cm and a standa...

A:

Q: At a police station in a large city, calls come in at an average rate of four calls per minute. Assu...

A:

Q: Evaluate loge 7 by Simpson's (i) rd, and (ii) th rules.

A:

Q: A newsgroup is interested in constructing a 90% confidence interval for the proportion of all Americ...

A: The random variable X follows normal distribution. The number of successes is 433. The sample size i...

Q: In a robotic contest, all 30 finalists were given cash prizes. The winner was given RM3000 the secon...

A:

Q: The heights of the 430 Candidates for the Elite Military Unit have an approximate normal distributio...

A:

Q: Sleep apnea is a sleep disorder characterized by pauses in breathing during sleep. Children with sle...

A:

Q: for registered voters in the county is μ = 39.7 years with a standard deviation of σ = 12.4.   A sta...

A:

Q: As part of a study designed to compare hybrid and similarly equipped conventional vehicles, a group ...

A: For the given data using Anova: Two-Factor With Replication carry out the hypotheses test at alpha =...

Q: Suppose you have a distribution with a mean equal to 100, median equal to 75, and mode equal to 50. ...

A: Given that  Mean =100 Median =75 And Mode=50

Q: A service agency wishes to assess clients' views of quality service over the past year. Computer rec...

A: Simple random sampling: If a sample of n subjects is selected then every unit in the population has ...

Q: Target wants to know if their online sales are above what they observed last year during the pandemi...

A: Given that; A hypothesis is given and a decision is also made. By using hypothesis concept I solve t...

Q: Answer D and F please! Show work!

A:

Q: In a private school students can choose only of French, Spanish, or Music as their Elective. In a gr...

A:

Q: 5. What measure of center is most appropriate for Height based on the shape of its distribution? Wha...

A: Histogram is used to identify the shape your data distribution by using bars to show the frequency o...

Q: The amount of coffee that people drink per day is normally distributed with a mean of 15 ounces and ...

A: As per our guidelines we are suppose to answer three sub parts. Given,sample size(n)=16mean(μ)=15sta...

Q: [Data Set: L06096] A random sample of n = 6 observations from a normal distribution resulted in the ...

A: Given data is8,2,3,7,11,6sample size(n)=11

Q: 11. The probabilities that a customer buys 5,8,9,12 and 15 items in a grocery store are 0.06, 0.14, ...

A:

Q: Find the area between z = -2.86 and z =-1.84 Select the correct response: O 0.0314 O 0.0323 O 0.1432...

A:

Q: 8. You collect data on people's height and study the relationship between gender and height. A regre...

A: Hi! Thank you for the question, as per the honor code, we are allowed to answer three sub-parts at a...

Q: Practice question's part b, (b) An otherwise fair six-sided die has been tampered with in an attempt...

A:

Q: 3- Car and Driver Magazine tested a random sample of 9 hybrid cars and found their MPG to be 42, 51,...

A:

Q: A recent survey found that 30% of IRSC students plan to go on a vacation after graduation. Suppose 5...

A: Solution: Let X be  the number of students that plan to go on a vacation after graduation.  The prob...

Q: I am having a hard time solving a? I am struggling to understand this question. Can you please show ...

A: b. Formula: Excel Procedure: Enter X and Y data in Excel Go to Data Click on Data Analysis……..>...

Q: The following table gives the cost of household’s electricity bills during the spring months, in dol...

A: We have given that data . I want to find mean and standard deviation.  Mean =sum of observations / t...

Q: 1 be a probability? Can the value

A: Yes

Q: Elements of Statistical Inference Researchers are interested in whether giving individuals temporar...

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...

Q: Grades on the first exam in a statistics class was normally distributed with a mean of 84 and a stan...

A:

Q: Answer A, B , and C please! Show work!

A: Given : n = 12 p = 0.30  

Q: 1) A mail-order company has a goal of reducing the amount of time a customer has to wait in order to...

A: WHY-WHY diagram determines the root cause of a problem by narrowing down and eliminate possible caus...

Q: A distribution of values is normal with a mean of 31.1 and a standard deviation of 27.8. Find P38, w...

A:

Q: 1.Given l4 = 100 and l9 = 50. Calculate l5 assuming a Uniform Distribution of Death (UDD)   Inform...

A: Given: l4= 100  and l9 =50 under Uniform distribution of death. To determine: l5  

Q: urping (also known as "belching" or "eructation") is one way the human body expels excess gas in you...

A: Since the number of burps for cola and root beer comes from the same participant the data is a paire...

Q: 13 10 12 7 Standard 8 14 How many students competed in Smooth or Rhythm, but not Standard? 28 How ma...

A: From the given Venn diagram How many students did not complete in Rythm ?

Q: Take the following data and calculate the variance and standard deviation by hand  10 15 20 20 25

A: Hey there! Thank you for posting the question. Since there are multiple questions posted, we will an...

Q: 9. A number is selected at random from the set {1, 2, 3, .., 100}.What is the probability that the n...

A:

Q: Find the mean for the given sample data. Unless indicated otherwise, round your answer to one more d...

A:

Q: A bank has a policy that the proportion of loans made to people with more than $50,000 in debt shoul...

A: The hypotheses for the test are given below. Null hypothesis: H0: p ≤ 0.15 Alternative hypothesis: H...