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Suppose that a study conducted by the Department of Homeland Security discovered that the average time it took passengers to go through the customs process for international flights arriving at the Atlanta airport was 33 minutes. Assuming that the wait times are distributed according to a Poisson distribution, please answer the following;
a. What is the probability that a passenger gets through customs in more than 45 minutes?
b. What is the probability that a passenger gets through customs in less than 20 minutes?
c. What is the probability that a passenger gets through customs between 30 and 35 minutes?
The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard:
A study of costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: 16AVC = 1.24 + .0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2
the demand for haddock has been estimated as log q ab log pc log i d log pm where q quantity p price per pound i
Boone County Commissioners want to construct a road to provide another access to a new development to reduce emergency response time. The cost of the road is $350,000. It is estimated that it will cost $2500 to maintain the road the first year.
1. consider the sherwin-williams company example discussed in this chapter seetable 4.1. suppose one is interested in
The bank issues a letter of credit to one of its corporate clients. What is the immediate impact on the equity ratio? What is the immediate impact on the equity ratio desired by the bank's management?
Show that if oil is produced from two reservoirs, one with high marginal cost and one with low marginal cost, it is not possible for the Hotelling rule to be satisfied for each reservoir simultaneously. Give two reasons that oil might be produced ..
Implicit and explicit costs are different in that: implicit costs are opportunity costs; explicit costs are not. explicit costs are opportunity costs; implicit costs are not. the latter refer to non-expenditure costs and the former to monetary pay..
1. can you think of an example of how you or someone you know has experienced economic rent as a measure of labor
Compute the weighted average cost of capital using book value weights. Compute the weighted average cost of capital using market value weights. Compare the answers obtained in parts a and b. Describe the differences.
Can you please provide a real-world example of product (a good or service) which has either an external cost or external benefit associated with it and propose the government policy to adjust for the over- or underproduction of this product.
Your team is a consulting group that has been contracted by Toyota Corporation.
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