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Talja [164]
3 years ago
14

Could you help with the question, please?

Business
1 answer:
spayn [35]3 years ago
7 0

Answer:

When the world price is $9.00 per barrel, imports are 10.25 million barrels per day.

Explanation:

This can be explained as following:

- At the domestic equilibrium, the quantity supplied and demanded were:

  • Qs = Qd = 9.3 million

- When the world price is $9.00 (P=9), the domestic demanded and supplied quantity were:

  • Demand: Qd = 15 - (1/4)x9 = 12.75 million
  • Supply: Qs = -2 + (1/2)x9 = 2.5 million

When the domestic supply is 2.5 million barrels per day while the domestic demand is 12.75 million barrels per day, the domestic still lacks:

  • 12.75 - 2.5 = 10.25 million barrels per day

So that they need to import 10.25 million barrels per day.

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Answer:

The common problem i encounter mostly is the statistical modelling problem.

In this scenario we choose best combination of independent variables for the hypothesis testing. the independent variable shows the significant effect on dependent variable so we keep it in modelling.

My null hypothesis would be that there is no significant effect of independent variable on dependent variable.  for my alternative hypothesis there exist is significant effect of independent variable on dependent variable.

Explanation:

Solution

The common problem I face daily is the statistical modelling problem which is the selection of relevant independent variable for prediction modelling.

In this example to select the best combination of independent variables we use hypothesis testing. if the independent variable has significant effect on dependent variable then the independent variable shows the significant effect on dependent variable so we keep it in modelling. In this way the model gets improved.

Since there are always two variables or two categories. hence it has a two sample test.

The Hypothesis can be shown below:

Null hypothesis:

H0:There is no significant effect of independent variable on dependent variable.

Alternative hypothesis:

Ha: There is significant effect of independent variable on dependent variable.

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2 years ago
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