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Sally gets a cup of coffee and a muffin every day for breakfast from one of the many coffee shops in her neighborhood. She picks a coffee shop each morning at random and independently of previous days. The average price of a cup of coffee is $1.40 with a standard deviation of 30¢ ($0.30), the average price of a muffin is $2.50 with a standard deviation of 15¢, and the two prices are independent of each other.
(a) What is the mean and standard deviation of the amount she spends on breakfast daily?
(b) What is the mean and standard deviation of the amount she spends on breakfast weekly?
How might the real-nominal principle influence your decision to either rent a house for $500 a month or purchase a similar house with a resulting $550 a month house payment for a 30 year fixed rate interest load? Explain the difference in movemen..
Use the following information for a perfectly competitive firm and the profit-maximizing input-combination rule to identify how many workers firm will employ to maximize profits.
Calculate the profit-maximizing price and quantity combination for the firm. What are the firm's profits and calculate the equilibrium price and quantity algebraically
Explain how are the Bank of Canada's transactions in the foreign exchange market from part (a) reflected in the balance of payments account.
Variables other than the rate of interest affect gross investment. Changes in these other variables cause investment demand to shift downward or upward. What should happen to the economy’s investment demand when there is a change in the following var..
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $160billion for each 1 percent change in the Federal funds interest rate. Also, assume that the current Federal funds rate is at the 3 percent r..
Determine what effect on a country's current account balance is an increase in use of quotas expected to have? Would your answer change if other governments retaliate? If so, how?
Using the economic concepts that explain differences in wages, discuss any three of the following points. Post your response to each of the three points separately. Why does a chief executive earn more than a rocket scientist working for NASA
Discuss the advantages and disadvantages of adjustable-rate versus fixed-rate mortgages?
Is the number of people higher or lower than it was last year? Ten years ago? Why?
A test classifies applicants as accepted or rejected. On the basis of data on 200 applicants, we test the hypothesis that ad placement success is not related to gender.What hypothesis testing would you use in this situation
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
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