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Five thousand instant lottery tickets were sold. One ticket has a face value of $10,000, five tickets have face values of $1000 each, twenty tickets are worth $500 each, thirty tickets have face value of $100 each, and 500 are worth $1.00 each. The rest are losers. Let X= the value of a ticket that you buy. Find the Probability mass function for X.
Flying Express Airlines flight 82 from Dallas to Miami is on time 85% of the time, according to FLying Express Airlines. Suppose sixty-five fights are randomly selected.
What does the random variable X represent?
What is the distribution of the random variable X?
How many flights from dallas to miami would you expect to arrive on time?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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