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PMF of the minimum of several random variables. On a given day. your golf score takes values from the range 101 to 110. with probability 0.1, independent of other days. Determined to improve your score, you decide to play on three different days and declare as your score the minimum X of the scores X 1 , X2, and X3 on the different days.
(a) Calculate the PMF of X.
(b) By how much has your expected score improved as a result of playing on three days?
Suppose that the stock market crashes and, as a result, people in Gotham City are poorer. This reduces the quantity of taxi rides demanded by 6 million rides per year at any given price. What effect will the mayor's new policy have now
What are the elasticities of output with respect to labor and capital for each industry? What are the marginal effects of capital and labor on output? Interpret the regression results. Do the coefficients have the expected signs?
When Iraq invaded Kuwait in 1990, the market price of crude petroleum jumped from $21.54 per barrel to $30.50 per barrel - an increase of almost 42 percent. Your boss is puzzled, because the price increase actually occurred
Whay is the payback period of the following investment when a) i=0% and b) i=10%/ year Initial Cost ($) 1,000,000 Annual Cost ($) 100,000 Annual income ($) 300,000 salvage Value ($) 500,000 Max Life time: 10 years
Atlas Long-Haul Transportation is considering installing Valutemp temperature loggers in all of its refrigerated trucks for monitoring temperatures during transit. If the systems will reduce insurance claims by $40,000
Using the midpoint method, calculate and interpret the price elasticity of demand for the following situation a. When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Cal..
Tom earns $15 per hour for up to 40 hours of work each week. He is pair $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works.
What happens to the terms of trade? What about welfare in the two countries? Suppose, on the other hand, that Country Y retaliates with an export subsidy of its own. Contrast the result.
Suppose that the production function is Y= 9K^0.5 N^0.5 With this production function, the marginal product of labor is MPN= 4.5K^0.5 N^-0.5. The capital stock is K= 25. The labor supply curve is NS= 100(1-t)w]^2, where w is the real wage rate, t ..
considers long-run policies in Mexico relative to Canada. Assume Mexico's money growth rate is currently 4% and its inflation rateis 2%. Canada's money growth rate is 6% with 3.25% inflation rate.
a contractor make improvements to a business rental for a fixxed price of $64,000. With this improvement you can obtain additional rent payments of $1,200 per month.estimate the improvements will cause extra monthly expenses of $50 for property ta..
What major religious difference between Latin (Catholic and Protestant) Christianity and Eastern Orthodoxy resulted from their very different political contexts after the 400s?
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