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Delta Airlines quotes a flight time of 2 hours, 5 minutes for its flights from Cincinnati to Tampa. Suppose we believe that actual flight times are uniformly distributed between 2 hours and 2 hours, 20 minutes.
a. What is the expected flight time?
b. Display a graph of the probability density function for flight times.
c. What is the probability that the flight will be more than 10 minutes late?
Evaluate how sale of novels would change during a period of rising incomes. Assess probable impact if competing publishers raise their costs.
To what extent is to greek proverb "Happiness is the full utilization of your capacities along lines of excellence." similar and different from the traditional definition of economics.
A sample of students responses are reproduced below. Do students prefer a particular type of bar food? Use critical value = 6.58.
You should utilise existing literature (scholarly journals) on market efficiency and behavioural finance as well as real world examples to support.
There are no fixed costs of production. How much output should the monopolist produce in order to maximize profit?
How would each of the following affect national saving, the current account balance, and the real interest rate in the home country.
Tommy DesDain is the sales representative for the Holiday Zoo. He sells events, such as wedding receptions, corporate dinners, and fundraisers that are held on zoo grounds. Tommy has just finished negotiating all the details of Carole Madison’s upcom..
A monopoly firm faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day. Its marginal cost curve is MC = $100 per day. Assume that the firm faces no fixed cost. Suppose a tax of $1,000 per day is imp..
A computer costs $9500 and its salvage value in 5 years is negligible. What is the book value after 3 years? If the machine is sold for $1500 in Year 5, how much gain or recaptured depreciation is there? Assume:
A profit maximizing monopolist is earning a positive economic profit. The wage it pays its workers rises. How will the firm's choice of price and quantity change in response to the wage increase? Assume that the monopolist is still earning a positive..
How does a high-tech industry differ from most other industries? Provide two examples.
A marketing firm is considering making up to three new hires. Given its specific needs, the management feels that there is a 60% chance of hiring at least two candidates. There is only a 5% chance that it will not make any hires and a 10% chance that..
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