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Find the probability that the Normal random variable with mean 20 and standard deviation 3.2 will generate an outlier (outside the inner fences) observation. Remember that the lower (upper) inner fence is 1.5*IQR below (above) the first (third) quartile.
Explain the difference between price and the price level. How is the price level measured? What do economists mean by the terms "nominal" and "real?" Are nominal statistics or a real statistics more useful? Provide a real-world example
Illustrate what are the firms ATC per unit at these three levels of production. If every firm in this industry has the similar cost structure, is the industry in long-run competitive equilibrium.
Business Week recently declared, “We have entered the Age of the Internet” and observed that when markets for goods or services gain access to Internet, more consumers and more businesses participate in the market. Use supply and demand analysis to p..
Distinguish between the allocational problem and the distributional problem faced by the agents in the Fisher’s Dilemma discussed in class. Specifically, if Alfredo suggested that he fish for 8 hours and that Bianca fish for only 6 in exchange for pa..
Ceteris paribus, there is an inverse relationship between price and quantity demanded. In other words, the demand curve for a good a negatively sloping. Can a demand curve still be negatively sloping of the marginal utility of the good is
Based on your risk tolerance, you decide to invest 35% of the portfolio in the municipal bond fund, and the rest in the stock fund.
Draw the graph containing the ATC, AVC, MC, MR for a purely competitive firm operating in the long run (ie. Operating at 0 economic profits).
The New Zealand dollar pushed toward U.S.55c yesterday as the greenback was dumped on a surprise U.S. Federal Reserve initiative to pump more money into a still-choked financial system.
The admissions office wants to determine how many in-state and out-of-state students to accept for next fall’s entering freshman class. Tuition for an in-state student is $7,600 per year while out-of-state tuition is $22,500 per year.
A South American country has had a high rate of inflation. Recently, its exchange rate was 15 cruzados per dollar; that is, one dollar will buy 15 cruzados
Jet announced that they were abolishing this annual fee. Given what we know about Costco and their success with this type of pricing
Jesse can make one for $0.40. Jordan clearly has an advantage, but is it an absolute or a comparative advantage? Explain your answer.
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