Suppose the incomes of buyers in a market for a particular inferior good decrease and there is also a reduction in input prices. a equilibrium output would increase, but the impact on equilibrium price would be ambiguous. b. equilibrium price would increase, but the impact on equilibrium output would be ambiguous. c. equilibrium output would decrease, but the impact on equilibrium price would be ambiguous. d. equilibrium output would decrease, and equilibrium price would decrease

Which is cheaper: eating out or dining in? the mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04 (money.msn website, november 7, 2012). a sample of 100 neighborhood restaurants showed a mean price of $12.75 and a standard deviation of $2 for a comparable restaurant meal. a. develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home. b. using the sample from the 100 restaurants, what is the p-value? c. at a = .05, what is your conclusion? d. repeat the preceding hypothesis test using the critical value approach