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QUESTION 8 Porter's Five Forces model is based on: O industrial organization economics. labor and demographic economics. business administration and business economics. environmental and ecological economics.A simple random sample of 49 Economics majors reported the number of hours that they spend per week studying economics (including lectures, sections, office hours and working on homework). The sample mean was 23 hours/week and the sample standard deviation was 7 hours/week. Assuming that the number of hours/week that economics majors spend studying economics has an approximately normal distribution. .. a. (2 pts) Estimate the proportion of economics majors that spend less than 30 hours per week studying economics. Explain your reasoning, briefly. b. (4 pts) Construct a 95%-confidence interval for the mean number of economics- studying hours/week for all economics majors.Match the assumptions to the theory Hold and drag to reorder Keynesian Sticky wages Economics Say's Law =Classical Economics F. A. Hayek Classical Economics Laissez Faire Policy E Classical Economics Recessionary Gap and Keynesian Long Run Equilibrium EconomicsWelfare economics Economics with a heart. The study of how different forms of economic activity and different methods of allocating scarce resources affect the well being of different individuals or countries. WELFARE economics focuses on questions about EQUITY as well as EFFICIENCY