A geologist is making repeated measurements (in grams) on the mass of a rock. It is not known whether the measurements are a random sample from an ap- proximately normal population. Below are three sets of replicate measurements, listed in the order they were made. For each set of readings, state whether the assumptions necessary for the validity of the t test appear to be met. If the assumptions are not met, explain why.
a. 213.03 212.95 213.04 213.00 212.99
213.01 221.03 213.05
b. 213.05 213.00 212.94 213.09 212.98
213.02 213.06 212.99
c. 212.92 212.95 212.97 213.00 213.01 213.04
The Market at Work: Supply and Demand Friday, January 27, 2017 11:15 AM Competitive Markets Characteristics: -‐many buyers and sellers -‐no one individuals can affect the market price (price takers) -‐sellers sell identical products -‐perfect information about quality and price of the goods -‐trade costs are low and there is free entry and exit into the market Examples: one fisherman doesn't determine the price of fish at the market Monopoly Imperfect market -‐buyer or seller has an influence on the price and/or more of the characteristics are not satisfied Monopoly -‐exists when a single company supplies the entire market for a good or service Ex: Standard Oil, DeBeers diamonds in early 20th century Comparison of Market Structures See slides Demand Demand schedule -‐table showing the relationship between price and quantity demanded Demand curve (function) -‐graph of the relationship between price and quantity demanded, i.e. the amount of a good or service that buyers are willing to buy at a given price Law of