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Let X denote the number of spots on a single throw of a fair 6-sided die. Find the mean, variance, and standard deviation of X. If you can, relate the mean and variance to the mean and variance. the possible values on this die is 1, 2, 3, 4, 5, 6. So what would be the probabilities for each of these values if it is a fair die? Put this into a table then find the mean and variance. Compare these to the mean and variance for a sum of two dice.
You and your roommate have a stack of dirty dishes in the sink. Either of you would wash the dishes if the decision were up to you; however, neither will do it in the expectation that the other will deal with the mess. Explain how this examples illus..
You are the assistant to the Minister of Finance. The Minister has been away on an extended vacation and has just returned.
Compute the changes in consumer surplus, producer surplus, government revenue and third party surplus. Also, show these changes on a graph.
With a level of significance of 0.05, is there any difference in the average number of hamburgers sold in the two branches? What is the p-value?
What if there were 26 apartments to rent. What if there were 25 apartments to rent.
A coffee retailer (Joe’s) developed the following daily demand curve for coffee for Elizabethtown, KY. Q = 500 - 300(P) + 200(Pc) + 0.01(A) Where P is the price of Joe’s coffee, Pc is the price of Starbuck’s, and is income in Elizabethtown. Currently..
The Chairwoman of the Federal Reserve has announced in her last conference that if the labor market continues to show signs of improvement they will continue with the tapering process and eventually the increase in the benchmark interest rate. How th..
XYZ School District is having budget issues and is facing the possibility of cutting some programs. How could one use ethical principles to address their budget issues?
Crossing the San Francisco Bay] There are 2 main ways to enter San Francisco from Berkeley. The Bay Bridge provides access by car and takes 10 minutes if it is not crowded. In this problem, explain what externality arises from the use of the Bay Brid..
assume that isoland has a closed economy. Isoland national investment is $50,000,000, its private saving is $60,000,000 and its taxes minus transfer payment equal $65,000,000. Explain how much are islonad's government purchases.
A building is priced at $250,000. If a down payment of $25,000 is made and a payment of $5000 every month thereafter is required, how many months will it take to pay for the building? Interest is charged at a rate of 9% compounded monthly.
What is the impact of the trade surplus or trade deficit upon the interest rates and currency exchange rates.
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