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1) The probability of A is 0.50, the probability of B is 0.45, and the probability of either (i.e. P(A[B) is 0.80. What is the probability of both A and B? 2). The probability of A is 0.30, the probability of B is 0.40, and the probability of both (i.e. P(AB) is 0.20. What is the conditional probability of A given B? Are A and B independent in a probability sense? 4. A mail-order rm considers three possible events in fi lling an order: A: The wrong item is sent B: The item is lost in transit C: The item is damaged in transit Assume that A is independent of both B and C and that B and C are mutually exclusive (i.e. B and C are disjoint). The individual event probabilities are P(A) = 0:02; P(B) = 0:01 and P(C) = 0:04. Find the probability that at least one of these foul-ups occurs for a randomly chosen order. Note: think hard about how you would calculate the probability for the union of three events. That is, verify the following (a picture may help): P(A [ B [ C) = P(A) + P(B) + P(C)
Consider the demand for mobile phones. Suppose the price elasticity of demand for the market as a whole is .80. A. If all mobile-phone companies simultaneously increased their prices, will total revenue in the industry increase of decrease
Using the results obtained above, derive a table for the long run costs of the various levels of production of sweaters (10, 20, 30, 40). The table should show: quantity, total cost, average cost and marginal cost.
From an economist standpoint, why might there be more research, development, and innovation occuring in oligopolistic market structure than in any other?
The price of MP4 players has been going down in the past decade. Give an explanation for this consistent drop in the price of MP4 players. Use the model for long run competitive firm to illustrate your answer. Draw two graphs. One is to show the ..
Write a 750-word essay on how the Environmental Protection Agency's policies impact business in the United States.
Derive the equation for the demand curve facing the airline during the winter month of January if P = $100, PC = 150, BAI = 200, and S+0 (Price should be expressed as a function of quantity.)
natural monopolies is a commonly used, potential solution to the problems presented by natural monopolies. a. Giving incentives to firms to become b. Regulating c. Breaking up firms that are d. Outlawing price discrimination by e. Refusing to grant p..
Managerial decisions are affected primarily by microeconomic forces. By and large, managerial decisions are not affected by either microeconomic or macroeconomic forces.
The U.S. Entergy Information Agency supplies current and historical data for world crude oil prices. Look both at current and historical data on world crude oil prices. Over the last six months, do you think the price of crude oil has produced an ..
Gorton is HIV positive. He is also has severe allergies. The medication he takes to control the debilitating effects of his allergies causes his nasal membranes to dry out, resulting in frequent nosebleeds. Even though his allergy medications cont..
Formulate a linear programming model for this problem and prepare the initial tableau if the problem is to be solved using simplex
Suppose a monopolist producing Q units of output faces the demand curve P =20 -Q. Its total cost when producing Q units of output is TC = F + Q2, where F is a fixed cost. The marginal cost is MC = 2Q. a) For what values of F can a profit-maximizing..
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