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Suppose 1.5% of the antennas on new Nokia cell phones are defective. For a random sample of 200 antennas, find the probability that: a. None of the antennas is defective. b. Three or more of the antennas are defective.
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. What is the probability that a randomly selected applicant will achieve a score of more than 450? Wha..
Visit the Fiscal Year 2016 Historical Tables Budget (PDF) of the US Government. Use the PDF bookmarks to find the tables and sections needed to complete.
What will happen to the number of firms, the market supply, and the price of the good as we move from the short run to the long run?
Illustrate wage would a monopoly union demand. Explain how many workers would be employed under the union contract.
Suppose that the labor market is competitive and there are a total of 1,000 black workers and 1,000 white workers (who each supply their labor in elastically). Both black and white workers are equally productive, having constant individual dollar pro..
Suppose that two firms compete simultaneously in quantities. The inverse demand function is given by P = 12 - Q where Q = Q1 + Q2 is the sum of the quantities produced by firms 1 and 2 respectively. Assume also that these firms have NO COSTS. If firm..
Suppose you enjoy watching television on PBS, a broadcast station which you can receive on your TV with your antenna. In fact, your willingness-to-pay for a year’s worth of programming on PBS is $80. PBS is currently in a fundraising campaign to get ..
My cousin Alyssa works at a gas station. Initially she was paid $10 per hour and requested to only work 25 hours per week. After 1 year on the job she got a pay raise to $12 per hour and requested to work 35 hours per week. Why does Alyssa want to wo..
Production for a product is planned at 5,000 units per week. The standard operation time for one particular operation is 2.45 minutes. The facility operates 40 hours per week. Suppose that there was a fallout of 10% in the operation that proceeds thi..
a. Describe how foreign trade would be affected if banks did not provide trade-related services. b. How can a banker’s acceptance be beneficial to an exporter, an importer, and a bank?
Utility is given as: U(x, y) = min(x,y) (a) Graph a typical indifference curve for this function. (Hint: Choose a level of utility and draw various combinations of x, y that result in that level) (b) Give examples of goods that are well represented b..
A large wood products company is negotiating a contact to sell plywood overseas. The fixed cost that can be allocated to the production of the plywood is $800,000 per month. The variable cost per thousand board feet is $155.50. What is the domain of ..
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