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Producer willingness to supply biomass. The conversion of biomass to energy is critical for producing transportation fuels. How willing are producers to supply biomass products such as cereal straw, corn stover, and surplus hay? To answer this question, economists conducted a survey of producers in both mid-Missouri and southern Illinois (Biomass and Energy, Vol. 36, 2012). Independent samples of 431 Missouri producers and 508 Illinois producers participated in the survey. Each producer was asked to give the maximum proportion of hay produced that he or she would be willing to sell to the biomass market. Summary statistics for the two groups of producers are listed in the table. Does the
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Chapter 8 Solutions
EBK STATISTICS FOR BUSINESS AND ECONOMI
- A researcher investigated whether a father's level of optimism was predictive of his son's optimism as a young adult. Twenty (20) fathers and sons who agreed to participate in the study were administered a scale measuring their current level of optimism (the scale ranged from 10 to 50), with higher scores indicating greater optimism.arrow_forward“Business Ethics is the application of ethical and moral principles or in a business environment. It deals with what is right and what wrong while doing business”. But to the contrary, evidences show that some business organizations are involved in different unethical practices to increase their profit at the risk of many people’s money, health and lives. As a business ethics student you are required to address the following questions: Describe five unethical practices adopted by business organizations in Oman. You may find it form newspapers, magazines etc. or from your own experiences and observation if any. And Analyze each of these unethical practices and explain how these unethical practices affect the people and society as a whole. And Suggest the ways to overcome each of these unethical practices.arrow_forwardCelebrity endorsement has become a popular choice in advertising due to the its originality and the celebrity’s attractiveness that make a big impact on brand awareness and customer behavior. This study analyzes the effect of celebrity endorsement on customer’s attitude toward brand as well as the effect of customer’s attitude toward brand on customer’s purchase intention in Vietnam. A survey was conducted with 306 individuals in Vietnam. After conducting the explanatory factor analysis (EFA), and multi-variable regression analysis, results indicate that customer’s attitude toward brand is positively affected by 03 factors: celebrity match-up congruence with the brand/product, celebrity trustworthiness, and celebrity expertise. Attitude toward brand also has a positive impact on customer’s purchase intention. Based on the scenario presented, answer the following questions: A) Find out Independent, Dependent, Moderating, and Mediating Variables and elaborate…arrow_forward
- Question: In two large populations, there are 30 and 25 per cent respectively of blue-eyed people. Is this difference likely to be hidden in samples of 1,200 and 900 respectively from the two populations ?arrow_forwardA company launched a sales campaign and appointed 110 salesmen for this purpose. At the end of the period the sales results were analysed and the following information was obtained. Sales ('000 Number of Salesmen Sales ('000- Number of Salesmen 4 50-55 55-60 75-80 18 7 80-85 12 60-65 10 85-90 10 65-70 20 90 and above 5 70-75 22 It was decided to group the salesm into three categories: (i) Those whose sales were less than dollar 68,000, (ii) those whose sales were more than Dollar 68,000, but less t han dollar 86,000, and (iii) those w hose sales exceeded Dollar 86,000. The salesmen in the first category were to be given further training an d those in the third category to be given efficiency bonus of 2% of thei r sales. Find how many will be train and how much bonus will be pai d ? State the assumptions, if any.arrow_forwardBenson Manufacturing is considering ordering electronic components from three different suppliers. The suppliers may differ in terms of quality in that the proportion or percentage of defective components may differ among the suppliers. To evaluate the proportion of defective components for the suppliers, Benson has requested a sample shipment of 500 components from each supplier. The number of defective components and the number of good components found in each shipment are as follows. Supplier Component Defective 17 22 42 Good 483 478 458 (a) Formulate the hypotheses that can be used to test for equal proportions of defective components provided by the three suppliers. OH PA PB = Pc 0 H: All population proportions are not equal. OH PA = P₁ = Pc H: Not all population proportions are equal. OH: All population proportions are not equal. H₂PAP=Pc OH,: Not all population proportions are equal. H₂: PA=PB = Pc (b) Using a 0.05 level of significance, conduct the hypothesis test. Find the…arrow_forward
- A government study found that people who eat chocolate frequently weighless than people who don’t. Researchers questioned 1000 individuals fromCalifornia between the ages of 20 and 85 about their eating habits, andmeasured their weight and height. On average, participants ate chocolatetwice a week and had a body mass index (BMI) of 28. There was anobserved difference of five to seven pounds in weight between those whoate chocolate five times a week and those who did not eat any chocolate atall, with the chocolate eaters weighing less on average. Frequent chocolateeaters also consumed more calories, on average, than people who consumedless chocolate. Based on this summary, would you recommend thatAmerican’s who do not presently eat chocolate, consider eating chocolateup to five times a week if they want to lose weight? Why or why not?Explain.arrow_forwardFor the students of the college, the visual appearance of the campus is _______(rival/nonrival) and ______(nonexcludable/excludable). Thus, the visual appearance would be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $34,980. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 1,460 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $32. The benefit of the beautification initiative, as suggested by the survey, is $_______. Because the estimated benefit is _______(less/greater) than the cost, the college administrators _______(should not/should) undertake the beautification initiative. The calculation of the benefit of the beautification initiative relied on the ability of the administrators to capture the true willingness to pay of each student accurately. Which…arrow_forwardBirth weight and smoking during pregnancy,Birthweight,Smoker3771,03140,03317,04210,03076,03771,03487,03487,01559,03630,03572,03260,03430,04224,02955,03912,03196,03459,03459,03430,02750,03686,03260,03969,03430,03629,02863,02830,03105,02948,03175,04309,03232,03487,02807,03820,03941,02211,03204,03657,13487,12495,14253,13147,13600,13005,12552,13147,14593,13430,11985,13317,13487,13884,13289,13470,12665,13090,12835,11843,14451,12863,1900,12353,13317,12850,13560,13080,12325,13119,13175,13313,13374,12750,12835,13345,12637,13742,13119,13345,13175,12013,13232,13286,13360,13402,12948,12580,13260,13686,12750,12977,12580,14082,12807,12381,13175,13714,13544,13544,1arrow_forward
- Average prices (in dollars) were recorded for three types of beverage across all 8 major Australian states and territories. In how many states/territories is the average price of a cappuccino higher than the average price of a flat white?arrow_forwardNote: If your answer does not exactly match the correct choice, it is due to rounding of intermediate calculations. To avoid the discrepancy, do your calculations in Excel without rounding. A life insurance company wishes to examine the relationship between the amount of life insurance held by a family and family income. From a random sample of households, the company collected the accompanying data. The data are in units of thousands of dollars. INSUR INCOME 97 38 141 29 y = X = Let INSUR 280 75 %3D INCOME 303 81 453 137 357 77 199 43 251 53 807 184 147 45 272 70 537 128 527 117 245 55 483 116 673 204 194 46 154 51 163 48 2 The denominator of the slope coefficient formula for the estimated regression equation is: 108,450.87 280 69 a 507 140 b 105,805.73 464 136 103,225.10 321 71 d 100,707.41 873 206 476 144 574 111 251 65 497 130 826 171 133 32 259 82 281 73 446 146 332 77 219 48 208 55 180 48 169 42 273 69 502 127 547 126 281 80 428 143 370 77 221 49 214 51arrow_forwardA group of health professionals produced a cholesterol drug. To measure the effectiveness of this drug they implemented a program that offered free drugs to people to decrease their cholesterol level. Health professionals also collected a sample of people, who did not have the drug, to act as a control group. Health professionals then measured cholesterol level of all individuals in year 1, before any cholesterol drug were given out, and then measured the same group of individuals again in year 2 after the cholesterol drugs had been administered. Consider the following model to evaluate the effectiveness of the drug on people's cholesterol level: cholie = Bo + 8od2, + B1drugit + Vịt chol= cholestrol of individual i, in year t d2;= binary variable equal to 1 if the time period is year 2, and 0 otherwise drug= binary variable equal to 1 if individual i took the drug in year t, and 0 otherwise V= composite error consisting of the unobserved, time-constant effect (a;) and the idiosyncratic…arrow_forward
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
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