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Consider the following events: Scientists reveal that eating oranges decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees produce more oranges. Show the effect of these two events on the market for oranges.

Consider the following events: Scientists reveal that eating oranges decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees produce more oranges. Show the effect of these two events on the market for oranges.

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 8P
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Consider the following events: Scientists reveal that eating oranges decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees produce more oranges. Show the effect of these two events on the market for oranges.
Transcribed Image Text:Consider the following events: Scientists reveal that eating oranges decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees produce more oranges. Show the effect of these two events on the market for oranges.
The mean finish time for a yearly amateur auto race was 187.32 minutes with a standard deviation of 0.363 minute. The winning car, driven by Terry, finished in 186.17 minutes. The previous year's race had a mean finishing time of 111.4 with a standard deviation of 0.108 minute. The winning car that year, driven by Kate, finished in 111.11 minutes. Find their respective z-scores. Who had the more convincing victory? Terry had a finish time with a z-score of Kate had a finish time with a z-score of (Round to two decimal places as needed.). Which driver had a more convincing victory? O A. Terry had a more convincing victory because of a lower z-score. B. Terry had a more convincing victory because of a higher z-score. C. Kate a more convincing victory because of a lower z-score. D. Kate a more convincing victory because of a higher z-score. 0
Transcribed Image Text:The mean finish time for a yearly amateur auto race was 187.32 minutes with a standard deviation of 0.363 minute. The winning car, driven by Terry, finished in 186.17 minutes. The previous year's race had a mean finishing time of 111.4 with a standard deviation of 0.108 minute. The winning car that year, driven by Kate, finished in 111.11 minutes. Find their respective z-scores. Who had the more convincing victory? Terry had a finish time with a z-score of Kate had a finish time with a z-score of (Round to two decimal places as needed.). Which driver had a more convincing victory? O A. Terry had a more convincing victory because of a lower z-score. B. Terry had a more convincing victory because of a higher z-score. C. Kate a more convincing victory because of a lower z-score. D. Kate a more convincing victory because of a higher z-score. 0
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