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There are only two goods, x and y. Bob's preferences for x and y can be represented by the utility function U(x,y) = 24x - 0.5x^2 +12y - y^2. Bob has a choice. Choice 1: He can buy x and y in Australia. In Australia the price of x is 10 dollars (per unit) and the price of y is 5 dollars (per unit). Choice 2: He can buy x and y in New Zealand. In New Zealand the goods are cheaper: the price of x is 4 dollars (per unit) and the price of y is 4 dollars (per unit). However, Bob would have to spend $63 in airfare (that comes out of his income) to fly to New Zealand.
a. Bob has income of $135. What should he do - buy x and y in Australia or New Zealand? Note: he has to do one or the other: he won't have time to shop in both countries.
b. If Bob could take as much x and y as he wanted for free, how much x and y would he take? (Assume he must consume all of what he takes - he cannot save or resell x and y).
No promises made under duress are enforceable contracts. Therefore, no unenforceable contracts are promises made in the absence of duress.
i) What is the probability that there will be a loss incurred by SMEs? ii) What is the probability that the profit of this SMEs will be between RM10,000
Robust Statistics The two-sample t test for comparing population means when the variances are equal is a robust statistical procedure.
a major issue facing many states is whether to legalize casino gambling. suppose the governor of one state believes
ratio of corresponding sides of similar triangles is 4:9, ratio of the area of the smaller to the larger triangle is?
1. Conduct hypothesis tests for price and proportion. 2. Based on this updated data and Mieke's parameters, should the new line be marketed?
what are the roles of financial intermediaries differentiate between direct and indirect
Airplane Safety: Suppose that 62% of all adults think that airplanes would be safer places if pilots carried guns. An opinion poll plans to ask an SRS of 1009 adults about airplane safety.
Use Chebyshev's theorem to find what percent of the values will fall between 241 and 349 for a data set with a mean of 295 and standard deviation of 18.
The speed limit on highway is 70 mph. A random sample of 35 vehicles had an average speed of 76.7 with standard deviation of 5.2.
The price-earnings ratios of a sample of stocks have a mean value of 13.5 and a standard deviation of 2. if the ratios have a bell-shaped distribution, what can we say about the poportion of ratios that fall between 9.5 and 17.5?
Explain why probability does not always work the way it is expected?
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