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Q1. In a recent survey of high school students, it was found that the average amount of money spent on entertainment each week was normally distributed with a mean of $52.30 and a standard deviation of $18.23. Assume that these values are representative of all high school students.
Q2. The probability is 65% that the average spending of a sample of 25 randomly-selected students will spend at least how much?
Each firm can monitor the other's price very closely and can respond instantly
Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output.
The cost leadership approach implicates competing by having a lower cost than one's competitors
Can you find a Nash equilibrium in pure strategies that is not efficient. In some legislatures, proposals for modifications of the law are formulated by committees.
Calculate whole expected convenience from each restaurant option and also compare?
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
Profits associated with polluting for Friedman Inc. are π = 40Q - 2Q2, where Q = pollution emitted (in tons), and profits are measured in dollars.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
A machine used to cereal boxes dispenses, on the average, ounces per box. What is the largest value.
Austria has a history of strong hostility to nuclear power, and over the last twenty years the Austrians have shut down all of the reactors in Austria
Define Mercantilism, Pick a country and talk about the products they import and export with the U.S.A. Also talk about the composition of trade with relation of abundance of the two countries
How many tickets to sell to maximize total welfare.
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