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In an effort to check the quality of their cell? phones, a manufacturing manager decides to take a random sample of 10 cell phones from? yesterday's production? run, which produced cell phones with serial numbers ranging? (according to when they were? produced) from 82002000 to 82002999. Assume that each of the 1000 phones is equally likely to be selected.
?a) What distribution would they use to model the? selection?
?b) What is the probability that a randomly selected cell phone will be one of the last 87 to be produced.
?c) What is the probability that the first cell phone selected is either from the last 245 to be produced or from the first 44 to be produced.
Suppose now there is an increase in government spending. In which case (flat/steep) is the multiplier effect on income higher, and most importantly, why?
Assume all fixed costs are sunk. The short run supply curve for a perfectly competitive firm is
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Suppose that Parvez, a pharmacology student is spending $120 budget on paperback novels and used CD's. For novels, MU/P = 5 ; for CD's, MU/P = 4. Is he maximizing his utility? Why yes, why not? Explain. If not should he consume more novels and fewer ..
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