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You are organizing an outdoor concert for next week and believe attendance will depend on the weather. You consider the following possibilities are appropriate:
Weather Probability = F(x) Attendance = X
Terrible weather 0.2 500
Mediocre weather 0.6 1000
Great weather 0.2 2000
1. Let X denote the attendance. Why is X a random variable?
2. What is the expected attendance?
What is the sum of the mean deviations in the distribution (1,3,5,7, 9)?
Discuss the process that must occur in order for government to proclaim eminent domain to assume control over the private property of citizens. How does eminent domain differ from the concept of government zoning?
The single price monopoly faces a demand curve of p=90-Q and a constant marginal (and average) cost of m=$30. Find the profit maximizing quantity (or price) using math. Determine the profit, consumer surplus, welfare, and deadweight loss.
Calculate the substitution and income effect for the utility function: u(x,y) = x + lny and show that the Slutsky equation applies to those cases.
What is the highest possible total revenue that the team can hope to collect
You had verbal discussions with somebody and a contract was created. Everything was placed in writing at the time, but you have now realized that there is a mistake in the written contract. Can the discussions you had with the other party be brought ..
Compare Perfect competition, monopoly and monopolistic competition. How are these three types of markets similar? How are they different?
What is your preferred use of the two fiscal tools (Tax or Spending) to resolve gaps? In your opinion who should receive the benefit or bear the cost of your fiscal tool(s)? Be specific.
Using the utility maximization rule as your point of reference elucidate the income also substitution effects of an increase in the price of a product with no change in the other product.
Give some examples of how other religious traditions, from both inside and beyond South Asia, deal with issues of impermanence and suffering. In terms of religious ideology, what are effective ways of dealing with these issues?
Ted Baxter runs a small, very stable newspaper company in southern Oregon. The paper has been in business for 25 years. The total value of the firms capital stock is $1 million, which Ted owns outright. This year, the firm earned a total of $250,000 ..
Water Works Plumbing Company is a small owner-managed plumbing services company that serves the greater Miami metropolitan area. Identify each of the following costs as either a variable, a fixed, or a quasi-fixed cost: Cost of the owner’s time to r..
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