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All of society competes for the limited resources that are available. In an answer of at least two well-developed paragraphs, describe four common methods countries use for allocating resources and explain how each addresses the issue of competition between members of society.
Consider a random variable X ∼ N (8, 16). If X ¯ is the sample mean obtained from a random sample of 25 draws from this population, how is X ¯ distributed? Hint: a correct answer is more than just the name of the distribution. What is the probability..
In the city of Growville, the equilibrium employment is 100,000 workers, and the equilibrium wage is $80 per day. The elasticity of demand for labor is 1.0 (in absolute value) and the elasticity of supply of labor is 4.0. The employment multiplier is..
First, briefly describe the loanable funds market. Next, in the domestic economy the government is running a budget deficit and needs to borrow money. Describe what will occur in the loanable funds market.
In part, because of the workplace origins of illness and accident insurance, the perception of the employer’s obligation to cover all or part of health insurance premiums persisted as the scope of coverage broadened and the costs increased. Now, risi..
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..
Identify the four factors articulated by a federal judge in 2009 for determining whether a government agency as sufficient “control” over a document to render it an “agency record” for purposes of the federal Freedom of Information Act.
Suppose market demand and supply are given by Qd=100-2P and Qs=5+3p. If a price floor of $30 is set, what will be size of the resulting surplus?
The market demand and cost functions within a particular industry are given by P = 200 - 2Q, and TC = 49 + 4Q. Define and provide examples of a monopoly. Calculate the profit maximizing output and price if this market is serviced by a monopoly. Calcu..
chance that she will lose her cash or have it stolen. Under these conditions, how often does Tracy go to the ATM, and how much cash does she take out each time?
Chapin Manufacturing Company operates 24 hours a day, five days a week. The workers rotate shifts each week. Management is interested in whether there is a difference in the number of units produced when the employees work on various shifts. Decision..
Explain why or why not - using 3-4 examples to support your opinion. Also include how the change in a government impacts the oil industry with 1 example.
A firm operating in a purely competitive market has total cost function given by c(y) = y^ 2 + 10 for y > 0 and c(0) = 0. What is the firm’s marginal cost function? What is the firm’s average cost function? At what quantity is the firm’s marginal co..
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