During the Great Depression of the 1930's, many around the world lost their jobs. The lack of demand in many sectors meant that unemployment rose substantially, and many of those lucky enough to keep their jobs faced cuts to their wages.

a) These effects meant that consumers' incomes fell during this time. New Zealand's agricultural sector was severely affected as we rely on overseas demand for many products. For example, consider the market for exported wool. Describe in words what you would expect to happen to the market for exported wool when overseas consumer incomes fell during the Great Depression, including what happened to the curves, price, and quantity. Hint: think about how it might impact the demand for wool.

b) Please draw out the effects from a) on a demand and supply diagram, labelling the axes, curves, the old equilibrium price and quantity, the new equilibrium price and quantity, and any shifts of the curves.

2) The oil price shocks of the 1970's had large impacts on production in New Zealand. The price of crude oil rose by as much as six times in the space of a few days. Not only did this raise the price of petrol - but it also had many more implications. Oil is a vital resource for the production of many goods and services, including raw materials and freight. Let us consider the effects on the market for steel manufacturing in New Zealand.

a) Draw the market for steel manufacturing in New Zealand at equilibrium, labelling all the appropriate points. Now, show the effect of an oil price shock on the market, clearly labelling the new equilibrium price and quantity. Hint: think about how it might affect the marginal cost of making steel if oil is one of the inputs used in producing it and is used to transport other inputs to make steel.

b) This pattern was repeated in many goods and services in New Zealand, including retail and manufactured goods. What effect do you think this had on the cost of living in New Zealand at that time?

Question 5: A manufacturer produces bolts that are specified to be between 1.19 and 1.21 inches in diameter. If its production process results in a bolt's diameter being normally distributed with mean 1.20 inches and standard deviation 0.004, what proportion of bolts will not meet specifications?Question 4: The time until failure of a certain type of fan used in a diesel engine follows an exponential distribution with mean 25,000 hours. a) Identify the value of 2. b) What is the probability that a randomly selected fan will last at least 10,000 hours? c) What is the probability that two randomly selected fans of this type will last at least 10,000 hours? d) What is the probability that a randomly selected fan will last between 20,000 and 30,000 hours? e) What is the probability that a randomly selected fan will last at least 50,000 hours given it has lasted 40.000 hours?Verify Property 2 of the definition of a probability density function over the given interval. 4 f(x) = 609 X [2,5] Substitute a, b, and f(x) into the left side of the formula from the previous step. 5 4 area = dx 609 2 Next, determine F(x). First, find the antiderivative of f. 3 609 dx = (Use C as the arbitrary constant.) Let C = 0 in the expression obtained above and let the resulting expression be F(x). Evaluate the result over [2,5] using the far right side of the formula for the area. area = area 1 Simplify.3- Find the force on a charge q due to N discrete charge distribution. 4- Find the electric field due to a discrete and continuous charge distribution. 5- Write down the expression of the force due to volume charge distribution and surface distribution 6- Express the electric flux for a uniform field and a nonuniform filed