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In 2008, the per capita consumption of coffee in the United States was reported to be 4.2 kg, or 9.24 pounds. Assume that the per capita consumption of coffee in the United States is approxi- mately distributed as a normal random variable, with a mean of 9.24 pounds and a standard deviation of 3 pounds.
a. What is the probability that someone in the United States consumed less than 5 pounds of coffee in 2008?
b. 99% of the people in the United States consumed less than how many pounds of coffee?
Determine which of the following transactions would contribute to a United State current account surplus and why? Make sure that you justify, in every case, explain why the transaction would or would not contribute to a current account surplus.
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The theory of the 2nd best leaves welfare economists high and dry since not only does it abolish established objectives of 1stbest situations,
Housing price models can be estimated with time-series as well as cross-sectional data. If you study aggregate time-series housing prices, you have: N 38 (annual 1970-2007) where: Pt the nominal median price of new single-family houses in the Unit..
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A recent merger of note is that of Hewlett Packard and Compaq Computers. When the merger was announced, it was widely criticized as not making economic sense.
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Calculate the price elasticities of demand in each market and discuss these in relation to the prices to be charged in each market.
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Why do you think more than half of all the offshored jobs have gone to India Give an example (other than that in the textbook) of how offshoring can eliminate some U.S. jobs while creating other U.S. jobs.
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