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Suppose that a gambler plays a $1 game 7 times. in each game, his probability of winning is 20 percent. if he wins, he gets $4 prize. he gets nothing if he loses. to profit on the games, he must win at least twice. what is his probability of winning at least twice?
Starting with the estimated demand function for Chevrolets given in Problem 2, assume that the average value of the independent variables changes to N=225 million, I =$12,000, P= $10,000 P= 100 cents, A=$250,000 and P=O
In a one-shot game, if you advertise and your rival advertises, you will each earn $5 million in profits. If neither of you advertise, your rival will make $4 million and you will make $2 million.
In a separate group discussion board, present two arguments. The first should argue in favor of the proposed merger, from the perspective of the firms. The second agrues against the proposed merger from the perspective of the broader public intere..
You are hungry. Very hungry. You come across one of several restaurants in a given area. As you look through the menu posted outside the door, you see that the prices are about double of what you expected.
In general, marginal cost curve is U-shaped as you learned in my lecture and textbook. However, exception exists. Would you please provide one particular industry as an example to illustrate that MC is not U-shaped
There is an inherent tendency in industry to substitute labor with fixed capital and employers can compel workers to produce more than the value of their labor.
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
The consumption of alcohol is often cited as an example of a negative externality. Explain a situation in which alcohol would be considered a negative externality. 3. Describe the purpose of antitrust laws. What do they accomplish.
A development of value and distribution theories. Detailed analysis of the reactions of consuming and producing units
What is the invisible hand principle Does it indicate that self-interset behavior within markets will result in actions that are beneficial to others What conditions are necessary for the invisible hand to work well? Why are these conditions impor..
How is the market price of a good determined? When the market for a product is in equilibrium, how will consumers value an additional unit compared to the opportunity cost of producing that unit? Why is this important?
What role do proper rights play in creating common property resources Why are common property resources subject to market failure due to non excludability a. What two properties characterize public goods
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