Suppose you are a manager for a carnival game at the local fair. You want to estimate how many prizes you will need to have in stock to give out, based on the number of tickets purchased before the fair begins. You examine the past 24 fair openings to make your regression model, and find the following information. Σ(x − x)² = 791.5 Σ e = 223.1 and ŷ = 294. 21 +0. 186x, where is the number of tickets purchased before the fair begins, and ŷ is the predicted demand for prizes during the first day of the fair. What is the standard error of the slope of the regression line? 3.184 0.024 8.1 1.654 0.054

2 You run a business selling used hand tools. The rent on your building is $1400/month. Utilities average $600 month. Your average cost to buy your used hand tools from a wholesaler is $9.5/tool. You spend S0.50/tool to package and individually price them. You have two employees in your store during the opening hours that sell the tools. Each employee gets a salary of $12/hour. Your store is open 10 hours/day, every day of the week. Over the course of a year, this averages out to 30 days'month. The average selling price for a used tool is $22. How many tools per month must be sold to make $4000 profit each month.

Total utility (utils) 0 80 120 148 160 155 Quantity consumed per day 0   1     2     3     4     5    As shown in Exhibit above, the marginal utility for the second unit consumed is

Felicity is studying economics and political science. She can read 30 pages of political science per hour but only 5 pages of economics per hour. This week she has a 50 -page assignment in economics and a 150 -page assignment in political science. Because of sorority rush, she cannot devote more than 10 hours to studying these subjects this week. She realizes she cannot complete all of her assignments but is determined to complete at least 30 pages of her economics reading. Draw a graph with pages of economics on the horizontal axis and pages of political science on the vertical axis. On this graph, show the possibilities that are consistent with the constraints that Felicity has imposed on berself, i.e, show her choice set. (She is NOT allowed to read abead in either subject.) Label key points on your graph with their numerical values.   Belinda loves chocolate and always thinks that more is better than less. Belinda thinks that a few piano lessons would be worse than none at all, but…