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Just prior to a professional baseball spring training session, you are asked to assess the probability that a particular baseball team will win the coming World Series.
a. How would you go about making this assessment? In what sense is this assessment subjective?
b. If you knew nothing about baseball, what would be the appropriate probability assessment or distribution?
c. As an avid fan, how would you adjust this “naïve” assessment? How would your assessment change day by day as the season progressed?
What is the equilibrium price for lawn mowers? What is the equilibrium quantity of lawn mowers? What is the value of the maximum gains from trade? What is the value of consumer surplus if a price ceiling of $40 is put in place?
u.s. trucking pays its drivers 40000 per year while american trucking pays its drivers 38000 per year. for both firms
The Fed wants to increase the money supply (which is currently 4,000) by 200. The money multiplier is 3. For each 1 percentage point the discount rate falls, banks borrow an additional 20. Explain how the Fed can achieve its goals using the following..
directly to patients, who then would be free to choose their health care providers. Whether or not you agree, can you give an economic rationale for this approach to governmental health care funding?
Can you explain how fiscal policy (making changes to government spending and taxes) would affect aggregate demand (AD)? How do these two mechanisms of expansionary policy differ? What were the major areas of disagreement between John Maynard Keynes a..
Construction contractors are the buyers of Portland cement, a key ingredient in concrete. Neither construction contractors nor their customers use much coal. Portland cement is produced in large coal-fired kilns, so Portland cement producers use a la..
Illustrate what is the gain in consumer's surplus for ABC fan that can get these sweaters at Target instead of at the ABC.
Help wanted advertising is higher than usual also the consumer price index is up more than expected.Inflation has slowed markedly also the Dow Jones average is at record levels.
Each station's objective is to maximize its viewing audience, in order to maximize the station advertising revenue.
Adjust the following graph to show the changes in the market between 2001 and 2002.
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
Boat is a product of the Baldwin Company which is primarily in the Nano segment, but is also sold in another segment. Baldwin starts to create their sales forecast by assuming all policies (R&D, Marketing, and Production) for all competitors are equa..
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