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Consider a machine with exponential reliability model. Assume that the breakdown rate is 1 and the repair rate is 2. Calculate the probability that the machine is up for more than 10 units of time. Calculate the probability that the machine is down for less than 3 units of time.
If the tax elasticity of supply is 0.35, by how much will the quantity supplied decrease when the marginal tax rate increases from 34 to 38 percent?
Suppose a wage increase from $11 to $13 an hour increases the number of job applicants from 42 to 56. What is the price elasticity of labor supply?
The term gross domestic product (GDP) refers to: How has the measure of the GDP changed over the past decade?
Assume the current price of good X is too high (it is above the equilibrium price). In your own words, describe the equilibrating process that would take place in this market.
A firm's cost-reduction strategies may span multiple stages, from acquisition of production input factors to product service and maintenance. When seeking to lower cost in the short term, firms should
If you could borrow that amount from Carl's Credit Union at 12% for 1 year, what would be your monthly loan payments?
How do two relate among each other in the Circular Flow Economy and to the Government and Foreign Sector components. How does all this fit on a Wheel of Income.
q. a group of 20 doctors are considering forming a new medical group also has asked you to prepare a report on whether
In the Keynesian model, suppose that the economy has the following values : C = 100 + 0.75*(Y-T) G = 300 I = 200 NX = 0 T = 200. Solve for the level of equilibrium output in this economy. What is the multiplier on government spending? how much would ..
If the prices of pizza and submarine sandwiches double and so does Michael's money income, we can compute that Michael's budget constraint will.
The FOMC wants to expand the money supply by $120 million and decides to buy bonds on the open market. Suppose the reserve requirement is 40% and banks do not hold any excess reserves. Which of the following is an alternative monetary policy that the..
Kath has $80 (income M) to spend on pizza (good 1x) and coke (good 2x). The price of a slice of pizza is $4 and the price of a can of coke is $1. If Kath buys only pizza, how many can she buy? Formulate the intercept-slope equation of Kath’s budget l..
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