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A recent survey reported in Business Week dealt with the salaries of CEOs at large cor-porations and whether company shareholders made money or lost money.
If a company is randomly selected from the list of 20 studied, what is the probability:
a. The CEO made more than $1 million?
b. The CEO made more than $1 million or the shareholders lost money?
c. The CEO made more than $1 million given the shareholders lost money?
d. Of selecting two CEOs and finding they both made more than $1 million?
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The demand for good X has been estimated by Q xd = 12 - 3Px + 4Py. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity.
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Where Q is output of ice cream, and L is labor hours. In the short-run K is fixed at 100. If capital rents for $10 and wages are $5 per hour, state the Total Variable Cost (Short Run Total Cost) function.
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Suppose the demand for a Czech novel translated into English is perfectly inelastic. Assume the initial price of the translated novel is ?$21.00 and the quantity demanded is _______ copies per year. If the price of the translated novel increases by ?..
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