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Simple random sampling uses a sample of size n from a population of size N to obtain data that can be used to make inferences about the characteristics of a population. Suppose that, from a population of 50 bank accounts, we want to take a random sample of four accounts in order to learn about the population. How many different random samples of four accounts are possible?
Point out which costs in the preceding question are considered "relevant" and which are considered "irrelevant" to a business decision. Explain why.
Illustrate what are the examples that producers take advantage of the internet to implicitly fix the prices.
What percent of the tax is borne by buyers. If income rises to $40,000, how much will tax revenue rise.
Using the calculations from part a, and the methods described in class, calculate a 99% confidence interval for the population mean forecast, where the population 3 would consist of all economists.
Describe perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings.
Find the Nash equilibrium of this Bertrand game and find the equilibrium output and profit for each firm.
Discuss how government intervention to address a market failure might worsen the situation. Provide an example of where government intervention does work and why that is so.
If company wants to earn a mark-up of 50 percent on its variable costs, explain how many sets will it have to sell at price obtained in part b.
Two firms are located on the line and sell identical products. Consumers obtain K utility from consuming a product; assume that K is large enough that all consumers purchase from at least one of the firms despite the costs of transportation.
Elucidate situations which use the IS-LM-FX model to illustrate the effects of the shock. For each case, state the effect of the shock on the following variables.
Give an example of a product you consume for which your marginal utility increases with the amount of your consumption
Suppose that Iggi and Kurt begin trading ice cream and waffle cones with each other. Illustrate what can be said about the trade patterns between Iggi and Kurt.
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