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Alice and Bob have 2n + 1 coins, each coin with probability of heads equal to 1/2. Bob tosses n+ 1 coins, while Alice tosses the remaining n coins. Assuming independent coin tosses, show that the probability that after all coins have been tossed, Bob will have gotten more heads than Alice is 1/2.
The subway fare in your town has just been increased from a current level of 50 cents to $1.00 per ride. As a result the transit authority notes a decline in ridership of 30 percent. a) compute the price elasticity of demand for the subway rides.
100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es 51.0). So how many popsicles will be sold each day in the short run if th..
A security system costs $ 17000, and annual maintenance is $ 950. After 5 years, the salvage value of the system is $ 3000. The interest rate is 8 %. Determine the equivalent annual cost.
What price maximizes the sum of their profits? How much profit does each firm earn when they charge the same price and maximize the sum of their profits? What price maximizes profit for HH Gregg when Best Buy's price = a?
Ginger's utility function is U(x, y) = x2y, with associated marginal utility functions MUx = 2xy and MUy = x2. She has income I = 240 and faces prices Px = $8 and Py = $2. a) Determine Ginger's optimal basket given these prices and her income.
Suppose that the reserve requirement is 3 percent on the first $30 million of checkable deposits and 10 percent on checkable deposits in excess of $30 million. (Amounts on the balance sheet are in millions of dollars.) Assets Reserves $15.90 Loans..
Many people advocate taxing "the rich" to alleviate the debt problem but the truth is that taxes will have to be increased on all income earners. What macroeconomic impacts would you expect to see if taxes are raised "across the board"?
Each existing firm and every potential entrant faces an identical U-shaped average cost curve. The minimum level of average cost is $10 per ton and occurs when a firm produces 5 million tons of cobalt per year.
Two firms, Rattler and Sidewinder, produce and sell snakeskin cowboy boots. The following payoff table represents profits in millions of dollars for a simultaneous pricing decision between the two firms.
If the fixed cost is ‘sunk' and she cannot increase her output in the short run, should she shut down?
Suppose instead that the marginal mining cost increases with the amount mined. What is now the effect on gold consumption and mining of an increased use of gold as money?
Britney is very fashionable. When she buys a new dress (D), she also needs to buy a hat (H) to match that dress and vice-versa. So, she views the two goods as perfect complements. The price of a dress is $10, the price of a hat is $6
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