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Among 350 randomly selected drivers in the 16-18 age? bracket, 275 were in a car crash in the last year. If a driver in that age bracket is randomly? selected, what is the approximate probability that he or she will be in a car crash during the next? year? Is it unlikely for a driver in that age bracket to be involved in a car crash during a? year? Is the resulting value high enough to be of concern to those in the 16-18 age? bracket? Consider an event to be? "unlikely" if its probability is less than or equal to 0.05.
Why is it so important to choose a market basket that reflects purchases that consumers actually make?
Assume that two firms sell differentiated products and face the following demand curves: q1 = 15 − p1 + 0.5 p2 and q2= 15 − p2 + 0.5p1 (assume marginal cost is zero) Derive the best response function for each firm. Do these indicate that prices are s..
The Lone Ranger and release it to theaters? What role should the money Disney executives had already spent on the film have played in their decision?
Suppose we are evaluating a program that reduces greenhouse gas emissions, and the marginal benefit of the program is larger than the marginal cost at the current time. How should we adjust this program to achieve a more optimal outcome with higher n..
In January 2010, the price of gasoline was $2.70 a gallon. By spring 2010, the price had increased to $3.00 a gallon. Assume that there were no changes in average income, population, or any other influence on buying plans. Explain how the rise in the..
Suppose Chen has demand Q = 40 – 2P for streetlights and Abby has the demand Q = 10 – (1/2)P for streetlights. The cost of building each streetlight is $19. How many streetlights are socially optimal? How many streetlights would be privately purchase..
Use the Keynesian-cross model to illustrate graphically the impact of an increase in taxes on the equilibrium level of income.
One month ago, they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
Suppose that the Fair Work Commission imposes a minimum wage of $19 per hour.
The time to produce the "N"th unit (T_N), for a given Learning Cure Rate (LCR), is equal to T_N= T_1 N^b where T1 is the time to produce the first unit and b is a factor for the LCR. If b = - 0.5 and the time to produce the first unit is 100 hours, w..
At the same time new technology has affected oil production and supply. Both events have had significant impacts on world oil prices.
Declare variables for the daily number of bugs, an accumulator variable to keep track of the total number of bugs collected, and a loop counter (suggestion: name this variable counter) to count the number of loop iterations. These can all be Integ..
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