Solar Power Industry Essay Example | Topics and Well Written Essays - 1000 words

Solar Power Industry - Essay Example The success of U.S oil production company, Shale, has caused various producers sleepless nights. GCC countries are greatly concerned with this ‘unhealthy’ trend that is hurting their economies badly. Augustine (2013, December 9) reports that many cities and countries in the GCC such as Doha, Qatar have undergone massive development due to high oil prices. This article piqued my interest as it focuses on the future and affects every country. Also, it spots various loopholes in the developing countries. Further,it proposes various measures that the young citizens of various developing countries should put to task to ensure their respective countries are at par with global standards in various sectors such as technology, education, and the service industry in the future. In an effort to explore the on-surface effects, as well as the extended market effect, I will explore various microeconomic concepts such as the theory of the firms, consumer theory, and the demand and supply side of the market. The ease with which new firms enter market imposes great threat to existing firms and the future of such industry (Perloff, 2011, p. 154). This can result to possible exit of other firms in the event a firm that enjoys great economies of scale engages in unhealthy business competition. Shale company successful positioning in the market due to high technology it employs in mining has made it increase its output with the current level of inputs. It experiences increase return to scale due to efficiency with which it conducts its operation. Consequently, it can decide to lower the prices of its product and this will impact negatively on the future of other firm, and various positions they hold in the market. A single firm’s action in a competitive market affects other firms. The global oil price is expected to fall below $100 a

Fundamentals of Hypothesis Designing and Testing Essay

Fundamentals of Hypothesis Designing and Testing - Essay Example Definition: A statistical hypothesis is an assertion regarding the distribution of a variable or variables. If a statistical hypothesis completely specifies the distribution, it is referred to as a simple hypothesis; if not, it is referred to as a composite hypothesis (Goodman, 1999). The testing of a statistical hypothesis is the application of an explicit set of rules for deciding whether to accept the hypothesis or to reject it (Hinkelmann & Kempthorne, 2008). The method of conducting any statistical hypothesis testing can be outlined in six steps: The alternative hypothesis, which we denote by H1, expresses the idea of some difference. Alternative hypotheses may be one or two sided (Kaye & Freedman, 2011). Usually, the setting of the problem determines the alternative even before the data has been collected. †¢ Type II error: Reject H1 whilst factual; the chance of making a type II error is symbolized by {3. The objective in all hypothesis testing is to set the Type I error level, also known as the significance level, at a low enough value, and then to use a test statistic which minimizes the Type II error level for a given sample size. As we fix the Type I error level, it is best to devise the test in a way that the Type I error is most serious, in terms of cost (Lehmann & Romano, 2005). A critical P -value is the probability that is set by the person doing the test; it is the threshold for the P-value that the tester will use to decide whether the sample is unusual enough, compared to the hypothesized population, to indicate that the null hypothesis should be turned down in favor of the other option (McCloskey & Stephen, 2008). The calculated test statistic is compared to the sampling distribution that the statistic would have if the null hypothesis was factual. The comparison is summarized into a probability called a P-value: this is the probability, if the null hypothesis is factual, that the statistic would be at