Statistics for Business and Economics (13th Edition)
13th Edition
ISBN: 9780134506593
Author: James T. McClave, P. George Benson, Terry Sincich
Publisher: PEARSON
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Textbook Question
Chapter 5.1, Problem 5.4LM
Refer to Exercise 5.3 and find E (x) = µ Then use the sampling distribution of
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Ethics Statement
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3. Case 2) Coal plants exit, and Solar generation enters the market
Now, let's consider a scenario where the coal power plant (#1) shuts down and exits the market,
and a solar generation facility is constructed. The capacity of the solar generation facility is the
same as the coal power plant that went out of business. The generation capacities of this market
are shown below, along with their MC.
Table 3: Power Plant Capacity and Marginal Cost: Case 2
Plant #
Energy Source
Capacity (MW)
MC (S/MWh)
2
Oil
100
90
3
Natural Gas
500
50
4
Nuclear
600
0
5
Solar
300
5
Note that the solar plant (#5) can generate electricity only from 7 AM until 5PM. During these
hours, the plant can generate up to its full capacity (300 MW) but cannot generate any when
unavailable.
(a) Draw a supply curve for each hourly market (4AM, 10 AM, 2PM, 6PM).
(b) Find the market clearing prices and calculate how much electricity each power plant
generates in the hourly market (4AM, 10AM, 2PM, and 6PM).
(c) Find the…
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Chapter 5 Solutions
Statistics for Business and Economics (13th Edition)
Ch. 5.1 - The probability distribution shown here describes...Ch. 5.1 - Consider the population described by the...Ch. 5.1 - Refer to Exercise 5.3 and find E (x) = Then use...Ch. 5.1 - Refer to Exercise 5.3. Assume that a random sample...Ch. 5.1 - In Example 5.3 we used a computer to generate 1...Ch. 5.2 - Consider the following probability distribution: x...Ch. 5.2 - Consider the following probability distribution: x...Ch. 5.2 - Consider the following probability distribution: x...Ch. 5.2 - Refer to Exercise 5.31. a. Show that x is an...Ch. 5.2 - Refer to Exercise 5.3. a. Find the sampling...
Ch. 5.2 - Refer to Exercise 5.5, in which we found the...Ch. 5.3 - Will the sampling distribution of x always be...Ch. 5.3 - Suppose a random sample of n = 25 measurements is...Ch. 5.3 - Suppose a random sample of n measurements is...Ch. 5.3 - A random sample of n = 64 observations is drawn...Ch. 5.3 - Refer to Exercise 5.18. Find the probability that...Ch. 5.3 - A random sample of n = 900 observations is...Ch. 5.3 - A random sample of n = 100 observations is...Ch. 5.3 - Open the applet Sampling Distributions. On the...Ch. 5.3 - Open the applet Sampling Distributions. On the...Ch. 5.3 - Voltage sags and swells. Refer to the Electrical...Ch. 5.3 - Salary of a travel management professional....Ch. 5.3 - Corporate sustainability of CPA firms. Refer to...Ch. 5.3 - Critical-part failures in NASCAR vehicles. Refer...Ch. 5.3 - Tomato as a taste modifier. Miraculin is a protein...Ch. 5.3 - Prob. 5.28ACICh. 5.3 - Levelness of concrete slabs. Geotechnical...Ch. 5.3 - Video game players and divided attention tasks....Ch. 5.3 - Exposure to a chemical in Teflon-coated cookware....Ch. 5.3 - Rental car fleet evaluation. National Car Rental...Ch. 5.3 - Prob. 5.34ACACh. 5.3 - Handwashing vs. handrubbing. The British Medical...Ch. 5.4 - Suppose a random sample of n measurements is...Ch. 5.4 - Suppose a random sample of n = 500 measurements is...Ch. 5.4 - A random sample of n = 80 measurements is drawn...Ch. 5.4 - A random sample of n = 250 measurements is drawn...Ch. 5.4 - A random sample of n = 1, 500 measurements is...Ch. 5.4 - Consider a population with values of x equal to 0...Ch. 5.4 - Dentists use of laughing gas. According to the...Ch. 5.4 - Cable TV subscriptions and cord cutters ....Ch. 5.4 - Do social robots walk or roll? Refer to the...Ch. 5.4 - Working on summer vacation. According to a Harris...Ch. 5.4 - Hospital work-related injuries. According to an...Ch. 5.4 - Hotel guest satisfaction. Refer to the results of...Ch. 5.4 - Stock market participation and IQ. Refer to The...Ch. 5.4 - Fingerprint expertise. Refer to the Psychological...Ch. 5.4 - Who prepares your tax return? As part of a study...Ch. 5.4 - Apps not working on smartphone. In a survey titled...Ch. 5 - The standard deviation (or, as it is usually...Ch. 5 - Consider a sample statistic A. As with all sample...Ch. 5 - A random sample of 40 observations is to be drawn...Ch. 5 - A random sample of n = 68 observations is selected...Ch. 5 - A random sample of n = 500 observations is...Ch. 5 - A random sample of n = 300 observations is...Ch. 5 - Use a statistical software package to generate 100...Ch. 5 - Use a statistical software package to generate 100...Ch. 5 - Suppose x equals the number of heads observed when...Ch. 5 - A random sample of size n is to be drawn from a...Ch. 5 - Requests to a Web server. In Exercise 4.175 (p....Ch. 5 - Improving SAT scores. Refer to the Chance (Winter...Ch. 5 - Study of why EMS workers leave the job. A study of...Ch. 5 - Downloading apps to your cell phone. Refer to...Ch. 5 - Surface roughness of pipe. Refer to the...Ch. 5 - Analysis of supplier lead time. Lead time is the...Ch. 5 - Producing machine bearings. To determine whether a...Ch. 5 - Quality control. Refer to Exercise 5.68. The mean...Ch. 5 - Length of job tenure. Researchers at the Terry...Ch. 5 - Switching banks after a merger. Banks that merge...Ch. 5 - Piercing rating of fencing safety jackets. A...Ch. 5 - Errors in filling prescriptions A large number of...Ch. 5 - Purchasing decision. A building contractor has...Ch. 5 - Motivation of drug dealers. Refer to the Applied...Ch. 5 - Soft-drink bottles. A soft-drink bottler purchases...
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- 4. Case 3) Electricity demand increases due to increased EV adoption We will continue using the Case 2 supply curve (with the solar plant in operation) for this analysis. Suppose that electricity consumption from electric vehicles (EV) increases significantly. Consequently, electricity demand in the wholesale market increases at every hour. The new demand levels are shown in Table 5 below. The market operator has backup power plants (using natural gas) ready, with a total capacity of 300 MW and a MC of $100/MWh. Table 5: Hourly Demand (selected hours) Hour Demand (MWh) 4 AM 800 10 AM 1000 ... 2 PM 1100 ... 6 PM 1300 (a) Find the market clearing prices and calculate how much electricity each power plant generates in the hourly market (4AM, 10AM, 2PM, and 6PM). Is there a specific hourly market in which the market operator will need to dispatch backup generation? (b) Compare the Case 2 scenario with the Case 3 scenario in terms of CO2 emissions and average electricity price. Based on…arrow_forward2. Case 1) NG price decreases Now, suppose that the price of natural gas decreased substantially, causing the marginal cost of the NG power plant to decrease to MC = $35/MWh. The demand is the same as in Case 0. (a) Draw a new supply curve that reflects the MC change of the NG power plant. (b) Find the market clearing prices and calculate how much electricity each power plant generates in the hourly market (4AM, 10AM, 2PM, and 6PM). (c) What happened to the coal power plant? (d) Do you think the market outcomes (like average price) and the total CO2 emissions have improved under this Case 1 scenario (use the emissions data provided in the lecture slides)?arrow_forward1. Case 0) Baseline case Table 1: Power Plant Capacity and Marginal Cost: Case 0 Plant # Energy Source Capacity (MW) MC (S/MWh) 1 Coal 300 45 2 Oil 100 90 3 4 Natural Gas Nuclear 500 50 600 0 (a) Calculate the capacity mix of this market by energy source. (b) Draw a supply curve of this wholesale generation market. Table 2 below shows the demand levels for selected hours of a representative day. We will consider only these four hourly markets for our analysis. Note that the 6 PM demand is the highest demand level of the day. Table 2: Hourly Demand (selected hours) Hour Demand (MWh) 4 AM 500 10 AM 700 2 PM 800 6 PM 1000 (c) Find the market clearing prices and calculate how much electricity each power plant generates in the hourly market (4AM, 10AM, 2PM, and 6PM). (d) Find the average price of electricity (by taking a simple average of hourly prices; [P(4am) + P(10AM) + P(2PM) + P(6PM)]/4).arrow_forward
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