Use the Random Number Table in Appendix a to Obtain

question 21

Essay

Use the random number table in Appendix A to obtain the required list of random numbers.
-A medical researcher is conducting clinical trials. Of the 60 people participating in the trial, 20 will receive a placebo, 20 will receive the experimental drug, and 20 will constitute the control group. The 20 people who will receive the drug will be selected at random. Construct a list of 20 random numbers between 1 and 60 which can be used in obtaining the required simple random sample. Use the random number table and use as your starting point the digits 54 in row 15, columns 20-21.

Calculate equilibrium price and quantity in the presence and absence of government interventions.

Evaluate the economic effects of different government policies on producer and consumer welfare.

Interpret supply and demand equations to determine market outcomes.

Understand the concept of producer and consumer surplus, and calculate changes in these surpluses due to market interventions.

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Definitions:

Neuroticism

A personality trait characterized by sadness, moodiness, and emotional instability.

Agreeableness

One of the Big Five personality traits, characterized by a tendency to be compassionate, cooperative, and friendly towards others.

Openness

In psychology, a personality trait that involves the appreciation for new experiences, creativity, and a willingness to entertain novel ideas.

First Impressions

The initial judgments and perceptions formed about someone upon meeting them for the first time, which can be long-lasting and hard to change.