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The life spans of a species of fruit fly have a bell-shaped distribution, with a mean of 36 days and a standard deviation of 5 days.
(A) The life spans of three randomly selected fruit flies are 41 days, 31 days, and 52 days. Find the z-score that corresponds to each life span, are they unusual.
(B) The life spans of three randomly selected fruit flies are 41 days, 51 days, and 46 days. Using the Empirical Rule, find the percentile that corresponds to each life span.
Explain greshams law in your own words without the help of sources. Show examples of how greshams law is used in the retail industry today. (In your own words, and knowledge. No plagiarism).
Will the equilibrium price of orange juice increase or decrease in each of the following situations? Explain and graph each situation. A medical study reporting that orange juice reduces cancer is released at the same time that a freak storm destroys..
If firm A produces 100 record albums and 100 video cassettes, how might firm A be made better off by shifting its output mix. Explain your reasonings clearly.
Explain to someone with no economic knowledge the concepts of Absolute and Comparative Advantage and why each makes a valid argument for international trade.
What characteristic(s) of oligopoly make their prices and output levels "sticky?" Does this make the competitive environment for firms more risky or less risky?
One criticism of the theory of compensating differentials is that workers who earn high (cash) salaries generally receive better benefits and working conditions than workers who earn low salaries. Does this fact necessarily disprove the theory of com..
Consider a monopoly with a production function given by q = f(x) = √x and a fixed cost of $1. The input price is $0.50. The monopolist sells her product in a market that has ten consumers. Let p denote the unit price of the good. Find the profit-maxi..
What are the different options local governments have to influence where land uses end up? What are some of the efficiency/equity implications at stake?
Identify and briefly explain in your own words three specific macroeconomic topics or ideas that you found to be the most important and/or most interesting. Be specific, and explain.
George and John, stranded on an island, use clamshells for money. Last year George caught 300 fish and 5 wild boars. John grew 100 bunches of bananas. In the two-person economy that George and John set up, fish sell for 3 clamshells each, boars sell ..
Illustrate what the effects would be if real GDP is growing also both the velocity of money also the money stock are constant. Please converse.
Suppose that the State of Connecticut decides to subsidize the cost of purchasing a treadmill for cardiac patients, as prescribed by their doctors. Prior to the program, the equilibrium price of treadmills was $800, and the equilibrium quantity purch..
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