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The scores of all applicants taking an aptitude test required by a law school follow a normal distribution with mean 420 and standard deviation 100.
a. What is the probability that a randomly selected applicant will achieve a score of more than 450?
b. What is the probability that two randomly (and independently) selected applicants will achieve ascore of more than 450?
c. What is the probability that out of two randomly (and independently) selected applicants, at least one will achieve a score of more than 450?
Elucidate why Chrysler's decision might have been prompted by movements in its wage costs or capital costs, or both. Why would Chrysler have instituted this production change for its most popular.
If due to over-harvesting of coconuts they become more difficult to acquire, taking 2 hours to pick one coconut, Illustrate what combination will maximize utility.
For each of the following utility functions, calculate (or figure out) the MRS and sketch out an indifference curve for U=4, plotting at least 2 points on each curve, and explain whether the preferences violate the diminishing MRS or convexity of ind..
I hereby offer you $5,001 if both you and my other creditor agree to cancel my debt. If either or both of you decline this offer, I will be legally in default and you will receive $5,000." So, what happens.
Draw the market supply and market demand in one graph. Next to it, draw the situation of one firm, with the average total cost, the marginal cost, and the price (which under perfect competition is the marginal revenue).
Discuss how the two cases in this chapter illustrate the major theme of this text: changes in the macro environment affect individual firms and industries.
How can makers of flat-panel TVs earn economic profits during the first few months after the introduction of new models? What economic forces result in the dissipation of economic profits earned by manufacturers of flat-panel TVs?
The terms below are measures or individual components of the money supply. Specifically considering the money supply of the United States, rank thes items from largest to smallest in terms of dollar value.
First, discuss what is meant by the "natural real interest rate". Second, explain what effect each of the following will have on the natural real interest rate: (1) a reduction in government spending; (2) an increase in the nominal money supply.
Compute elasticities of demand and explain briefly for each the relevance of this information in decision-making by the firm. The data has been generated in each case from recent market experience or from test markets.
Many people are concerned about changes in the distribution of income.
A competitive firm’s production function is y = 6√ x1 + 8√ x2. The price of factor 1 is $1 and the price of factor 2 is $4. The price of output is $8. How much of each factor should the firm use to maximize its profit? How many units of output will t..
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