Explain the following

You may need to use the appropriate appendix table or technology to answer the question. Last year, 43:4 of business owners gave a holiday gift to their employees. A survey of business owners conducted thes plan to provide a holiday gift to their employees. Suppose the survey results are based on a sample of do business owners. (2) How many business owners in the survey plan to provide a holiday gift to their employees this year? * business owners (6) Suppose the business owners in the sample did as they plan. Compute the p-value for a hypothesis test that can be used to determine if the proportion of providing holiday gifts has decreased from last year. Find the value of the test statistic. (Round your answer to two decimal places,) Find the p-value. (Round your answer to four decimal places.) X (c)Using a 0.05 level of significance, would you conclude that the proportion of business owners providing gifts decreased? O Reject:. There is Insufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last year O Reject Me There is sufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last year, Q Do not reject N.. There is insufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last Year. O Do not reject H. There is sufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last roar What is the smallest level of significance for which you could draw such a conclusion? (Round your answer to four dodmal places.) Need Help? CanQUESTION 48 Consider three items that might be included in GDP: (1) the estimated rental value of owner-occupied housing and (2) the purchase of newly constructed houses and (3) the rental of an apartment. How are these three items accounted for when GDP is calculated? All three items are included in the consumption component of GDP. Item (1) and item (3) are included in the consumption component of GDP, while item (2) is included in the investment component of GDP. G Items (1) and (2) are included in the investment component of GDP, while item (3) is included in the consumption component of GDP. Item (2) Is included in the investment component of GDP and item (3) is included in the consumption component of GOP, Item (1) is not included in GOP at all because it is considered a used good. QUESTION 49 How is the real rate of interest determined? The real interest rate is set by the central bank of a nation, such as our Federal Reserve. The real interest rate is determined by the equilibrium of the supply and demand for loanable funds. The real interest rate is determined by the nominal interest rate plus the inflation rate. The real interest rate is determined by the demand for private savings and the supply of public savings. QUESTION 50 Which of the following occurs when the Ford Motor Company removes a 2020 Ford Taurus from inventory and sells it to an American household for $22.000? U.5. consumption increases by $22,000, U.5. investment decreases by $22,000, and U.S. GDP does not change. U.5. consumption increases by $22,000, U.S. investment does not change, and U.S. GDP Increases by $22.000. U.S. consumption does not change, U.S. investment decreases by $22,000, and U.S. GDP decreases by $22,000. U.5. consumption increases by $22.000, U.5. investment increases by $22,000, and U.S. GDP increases by $44,000.(b) Assume these firms behave like price takers, how much will they produce and what price will they charge? Draw the outcome on a graph. What is the individual firms producer surplus? What is the total producer surplus of the market? (3 marks) (c) Suppose the four firms join together to form a single firm monopoly. What price will the cartel charge and how much output does the cartel produce? What is producer surplus for the cartel? (Hint: the marginal cost curve for the cartel firm is the supply curve found in part (a) with MC replacing P in this equation and MR = 200 -Q). What happens to consumer surplus and total welfare? (4 marks) 4. Calculate the own price elasticity of demand in the following situations (a) A price rise from po = 2 to p1 = 5 causes quantity demand to fall from go = 30 to q1 = 15 (1 mark) (b) The demand curve is given by q = 1/p with the slope of the demand curve given by $ = -1/p2. What is the own price elasticity of demand at any point?(2 marks) (c) The demand curve is given by q = 4 - 2p with the slope of the demand curve given by dp = -2. What is the own price clasticity of demand at: (i) p = 4; and (ii) p = 10? (2 marks) 5. Suppose the cost of producing q cars and q2 trucks is 45000 +80q1 + 10092. Calculate the measure of economies of scope when (1 mark each): (a) q1 = 100 and q2 = 200 (b) q1 = 500 and q2 = 800 6. Answer the following questions True, False, or Uncertain. Give a brief explanation of your answer. 1 mark for correctly identifying T, F. or U. 4 marks for explanation. (a) If a single price monopoly is instituted in what was a competitive market, consumer surplus will decrease more than producers gain. (b) If a firm's marginal cost is less than the firm's marginal revenue then the firm should decrease output and increase price. (c) If price is less than average cost then a firm will shut down. (d) A monopolist does not make a shutdown decision in the short-run and an exit decision in the long run since only competitive firms make these decisions