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Suppose that a study conducted by the Department of Homeland Security discovered that the average time it took passengers to go through the customs process for international flights arriving at the Atlanta airport was 33 minutes. Assuming that the wait times are distributed according to a Poisson distribution, please answer the following;
a. What is the probability that a passenger gets through customs in more than 45 minutes? [5 points]
b. What is the probability that a passenger gets through customs in less than 20 minutes? [5 points]
How does the market price of a good in a monopoly market compare with the market price of the same good in a perfectly competitive market.
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suppose a firm faces the following demand for their product p100-q. further assume that the marginal cost to produce
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if the company is one of 200 competitors. Compute market supply per week at a market price of $25 per rack delivered and serviced.
Which is not a factor of production? Which is not one of the five fundamental questions that an economy must deal with?
Calculate the cross-price elasticity of demand and are the goods complements or substitutes
select six products orand services that you consume and write an analysis of the elasticity of demand for each of the
answer the following questions using examples and applications from the readings. justify your answers using economic
Explain why you have answered with the policy that you have, and explain why you have chosen that policy over the other two. (a) Which of these policies is most likely to reduce pollution?
1. angela bates who works in a duplicating photocopying establishment for 20000 per year decides to open a small
in the market of haircuts the demand function is p100-0.5qd and the supply function is p10qs where q represents
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