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The demand function for a good is given as Q = 10 – 2P, where Q = quantity demanded and P = the market price per unit of the good. The cost function is given as C = 8 + 0.5Q where C = total cost. If P = $3, how much profit is earned?
With a Swedish Kroner, the likelihood of getting Heads when it is spun on edge is 0.2. If X is the random variable where X(H)=1, X(T) = -1, find the expected value E(X), the variance Var(X), and express X in its standard form. Consider two fair dice,..
An engineer invested $10,000 in the stock market. For the first six years, the average return was 8% annually. For the next four years, the return as 4% annually. What is the value of the account after 10 years? What is the effective annual rate of r..
Consider each of the following goods and services. For each, identify whether the law of one price will hold, and state whether the relative price, q g US/Foreign, is greater than, less than, not equal to 1, or equal to 1. Explain your answer in term..
What is "segmentation by purpose of travel"? How can it help in the analysis of tourism? What is "psychographic" segmentation? How does it help in the analysis of tourism?
During the recent 2007-2009 economic contraction, nominal interest rates fell to nearly 0% while the rate of inflation remained positive. What happened to the real interest rate? How would this movement in the real interest rate affect decisions to s..
Analyze two (2) of the major hardships facing expatriates on their return home after a lengthy assignment. What would your biggest challenge be if you were an expatriate?
Many factors affect the demand for a product, which is a concern for management and the decision-making process. To correctly assess the demand for their products, managers must determine the effect of all relevant variables. Discuss how these variab..
A negative externality:
In their last half-century there have been three additional rounds of GATT/WTO negotiations. Discuss the achievements and failures of each of these rounds, and summarize.
In April 1978, Fidel Castro announced that Cubans who wanted to leave Cuba for the United States could do so from the port of Mariel, Cuba. Within 6 month, about 125,000 (mainly) lowskill Cubans had flowed through Mariel for Miami, resulting in a sud..
A person should consume more of something when its marginal A. cost equals its marginal benefit. B. benefit is still positive. C. cost exceeds its marginal benefit. D. benefit exceeds its marginal cost
The law of demand states that other things equal
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