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Suppose that there is a prize ceremony awarding prizes to 10 ?nalists. Each ?nalist is going to get exactly one prize, but assume that each has an equal probability of receiving any given prize. The grand prize is $5000, there are 2 prizes of $2000, 2 prizes of $1000 and 5 prizes of $200. Let X represent the amount of money won by one prize recipient. Find E(X), var(X) and σ for X.
A pair of dice is rolled in a game.
(a) Suppose a success consists of a roll with exactly one of the two dice being 6. Let X denote the number such sucesses. What is the expected value of X if the dice are rolled 10 times?
Refer to situation. An economist would predict that onc e price controls were abolished in the spring of 1974,A) The price of gasoline would decline sharply B) The surplus of gasoline would vanish
How are products to be produced? Who is to decide what and how much to produce? Who is to receive the output of the system? The term "consumer sovereignty" means that: "How is the product to be distributed among people when commodities and services a..
q. consider the following two statements1 if the government raises marginal income tax rates on society and then
The Federal Reserve has an obligation to keep prices stable while promoting full employment (a.k.a. the dual mandate). Watch the video and comment. To ensure originality of responses, you are welcome and encouraged to utilize outside sources to help ..
Why wouldn't it make sense for an individual earning $500/ hour and working 10 hours a day to spend 3 hours (taken from the 10 hours) to shovel snow?
Calculate the long-run equilibrium output for each ?rm. Explain how the long-run equilibrium price changes as the number of ?rms increases?
Presumably you have learned to diagnose the state of an economy and to explain how/why classical economists and Keynesians would deal with various problems in the macro economy. Assume that the spending multiplier equals 1.5. How much should governme..
Illustrate what is the level of consumption at the equilibrium level of income. Compute the marginal propensity to save for this economy.
Complete a one page answer to the following questions. Should the Federal Reserve Board of Governors remain independent? What is the strongest argument on either side?
There are d democrats and r republicans voting in the US Presidential election. Each person decides whether to vote or not vote. The voters get a payoff of 2,1,0 if their preferred candidate wins, ties, or loses (respectively). Voters that vote incur..
What is the mathematical relationship between the budget constraint and the indifference curve at the optimal choice point for Cobb-Douglas preferences? How does this relate to the concept of “equal bang per buck?” (Hint: Marginal utility per dollar ..
The water industry in Springfield is competitive, with numerous buyers and sellers. What is the market equilibrium quantity?
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