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4 years ago

What is the meaning of the phrase ceteris paribus to an economist?

2 answers:

7 0

The meaning of the phrase ceteris paribus to an economist is: A.an assumption that nothing but the price of an item will change

If translated, ceteris paribus means "other things equal". This principle often used to predict the flow of supply and demand but it has a really huge flaw because other factors such as consumers' taste and technology development could almost never be predicted.

lana [24]4 years ago

4 0

Answer:

an assumption that nothing but the price of an item will change

Explanation:

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The strategy that is likely to result in the greatest increase in the San Joaquin kit fox population is strategy one.

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2 years ago

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3 years ago

Read 2 more answers

company manufactured six television sets on a given day, and these TV sets were inspected for being good or defective. The resul

lana [24]

Sampling distribution involves the proportions of a data element in a given sample.

The proportion of Good TV set is 0.67
The number of ways of selecting 5 from 6 TV sets is 6
The number of ways of selecting 4 from 6 TV sets is 15

Given

$n = 6$

Sample Space = Good, Good, Defective, Defective, Good, Good

(a) Proportion that are good

From the sample space, we have:

$Good = 4$

So, the proportion (p) that are good are:

$p = \frac{Good}{n}$

$p = \frac{4}{6}$

$p = 0.67$

(b) Ways to select 5 samples (without replacement)

This is calculated using:

$^nC_r = \frac{n!}{(n - r)!r!}$

Where

$r = 5$

So, we have:

$^6C_5 = \frac{6!}{(6 - 5)!5!}$

$^6C_5 = \frac{6!}{1!5!}$

$^6C_5 = \frac{6 \times 5!}{1 \times 5!}$

$^6C_5 = \frac{6}{1}$

$^6C_5 = 6$

Hence, there are 6 ways

(c) All possible sample space of 4

First, we calculate the number of ways to select 4.

This is calculated using:

$^nC_r = \frac{n!}{(n - r)!r!}$

Where

$r = 4$

So, we have:

$^6C_4 = \frac{6!}{(6 - 4)!4!}$

$^6C_4 = \frac{6!}{2!4!}$

$^6C_4 = \frac{6 \times 5 \times 4}{2 \times 1 \times 4!}$

$^6C_4 = \frac{30}{2}$

$^6C_4 = 15$

So, the table is as follows:

$\left[\begin{array}{ccc}TV&Good&Proportion\\1,2,3,4&2&0.5&2,3,4,5&2&0.5&3,4,5,6&2&0.5\\4,5,6,1&3&0.75&5,6,1,2&4&1&6,1,2,3&3&0.75\\1,2,3,5&3&0.75&3,5,6,2&3&0.75&1,3,4,5&2&0.5\\1,3,4,6&2&0.5&1,4,5,2&3&0.75&2,4,6,1&3&0.75\\2,4,6,3&2&0.5&2,4,6,5&3&0.75&3,5,6,1&3&0.75\end{array}\right]$

The proportion column is calculated by dividing the number of Good TVs by the total selected (4) i.e.

$p = \frac{Good}{n}$

(d) The sampling distribution

In (a), we have:

$p = 0.67$ --- proportion of Good TV

The sampling error is calculated as follows:

$SE_n = |p - p_n|$

So, we have:

$\left[\begin{array}{ccc}TV&Good&SE\\1,2,3,4&2&0.17&2,3,4,5&2&0.17&3,4,5,6&2&0.17\\4,5,6,1&3&0.08&5,6,1,2&4&0.33&6,1,2,3&3&0.08\\1,2,3,5&3&0.08&3,5,6,2&3&0.08&1,3,4,5&2&0.17\\1,3,4,6&2&0.17&1,4,5,2&3&0.08&2,4,6,1&3&0.08\\2,4,6,3&2&0.17&2,4,6,5&3&0.08&3,5,6,1&3&0.08\end{array}\right]$