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A game is played with a bag of marbles. The bag contains 3 red, 5 blue, and 10 yellow marbles. A player can reach in the bag and randomly select one marble. If the marble is Red the player gets $12. If the marble is Blue the player receives $4. If the marble is Yellow, the player must pay $6. Find the expected value of a player's winnings. Round your answer to the nearest cent.
Assume that he receives 4 points for an A, 3 for a B, and so on. What measure of location did you just calculate?
Explain why when using the expenditure method for determining GDP do we not include expenditure on intermediate goods, but when using the income method, we use the income of factors of production for both intermediate and final goods production?
Assume the economy is initially in equilibrium, and then firms expect future total factor productivity to decrease. Using the New Keynesian Model framework: Explain and show graphically the impacts of this event on the goods and money markets.
Assume that the demand for iron (the primary component of steel) is Q = P^(-a)? , where the exogenous parameter a>0 takes some fixed value. For all parts assume that the iron market is in equilibrium. Find the inverse demand curve for iron. Does the ..
What is the 95% confidence interval for the amount of time spent on personal issues?
Currently the U.S. national debt is over $17 Trillion. Many people feel the high level of the national debt is a very bad thing and it should be paid off. a. List and explain 3 advantages and 3 disadvantages of eliminating the national debt?
Based on what you have learned about the relationship between TR and elasticity of demand, explain how an airline might take advantage of this information in order to maximize its profits? (Tip: How does an airline company separate the market of cons..
Suppose a genetic trait in Impalas (Aepyceros datoadeni) occurs more often in males. The sex ratio in impalas is bout 50 males to 100 females.
Bill decides to buy the action figure, even though the graphic novel was a close second choice. What is the opportunity cost of buying the action figure?
What is the profit-maximizing price-output combination and what are the levels of profits and consumer surplus at that point? How would your answer to part a. change if the firm is forced into marginal cost pricing? What is the dead-weight-loss?
Suppose Danielle consumes pancakes and waffles. Her utility function can be expressed as U(P,W)=10P^.75 W^.5. Furthermore, suppose the price of pancakes is $4.00 and the price of waffles is $2.50. Define Danielle’s marginal rate of substitution for P..
Overall, as U.S. real GDP has grown since the last recession in 2008, the unemployment rate has come down from 10% to 5.1%. Nevertheless, throughout this macroeconomic expansion, the unemployment rate has occasionally increased, often during months w..
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