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Suppose that diameters of a new species of apple have a bell-shaped distribution with a mean of 7.2cm and a standard deviation of .38cm. Using the empirical rule, what percentage of the apples have diameters that are between 6.44cm and 7.96cm?
Efficiency refers to whether a market outcome is fair, whereas equality refers to whether the maximum amount of output was produced from a given number of inputs. When a good is taxed, the tax revenue collected by the government equals the decrease i..
Determine the quantity demanded, the quantity supplied, and the magnitude
As firms enter a monopolistically competitive industry, the existing firms' demand curves will: A Nash equilibrium occurs when:
In early 1998, S3 was a small microchip-design firm with a big problem. The company knew that Intel’s patent wall would eventually stall its high-performance graphic-microchip business. S3 hatched a plan to fix the problem. What is the implication fo..
By how much will the quantity of Federal funds have to change for the equilibrium to occur at the new target rate?
What are some ways, other than just reducing payroll, that managers can use to cut costs? What do they need to be aware of when trying to determine an approach to staying competitive?
The United States has taken action to restrict imports of certain Chinese goods, such as toys containing lead and seafood that doesn’t meet health standards, in order to protect U.S. consumers. Some people have said that this shows a double standard:..
In macroeconomics, international trades play a role in almost every item we purchase in our daily lives. For example, Colgate toothpastes are “Made in Mexico”, items that are “Made in China”, “Made in Malaysia”, etc. What are your views and opinions ..
Natural selection is the notion that firms best suited to the economic environment are the ones that tend to survive. Those firms that approximate the goal of profit-maximization, whether intentionally or accidentally, are the ones most likely to sur..
But what determines the country's opportunity cost? Why German engineering is superior to other countries's engendering, for example?
Illustrate what happens if the consumer faces a borrowing constraint that prevents her from borrowing.
Suppose that the pre tax price of gasoline is $1 per gallon. A tax of $0.50 is imposed and is paid by consumers to the government. What must the gross price of gasoline be after the tax so that the consumer tax burden is equal to the producer tax bur..
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