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Eleven people have eleven different favorite numbers from 2 to 12. They all agree to participate in a 10,000-roll dice game where they bet $1 on their favorite number for each roll of two standard (fair) dice. A donor kicks in an extra dollar every round, so the payoff if your number comes up is $12.
a. Assuming everyone bets on all 10,000 rounds, what is the expected value for a person who has number 7? (Show your calculations.)
b. Assuming everyone bets on all 10,000 rounds, what is the expected value for a person who has number 2? (Show your calculations.)
Assume that the price elasticity of demand is −.5 for a certain firm's product. If the firm decreases price, the firm's managers can expect total revenue to: Maximizing total benefits is never equivalent to maximizing net benefits. Maximizing total b..
Fill in the table below using a Keynesian Model where aggregate expenditure equals consumption spending plus investment spending plus government spending.
If income rises from 1000 to 1800 and consumption rises from 1100 to 1700 the marginal propensity to save.
A group of attorneys, judges and law professionals have collaborated to write a uniform criminal code. The code would create uniformity in criminal law across the United States, defining what constitutes a misdemeanor, what constitutes a felony, how ..
What are the incentives, costs, and risks to the attacker for the various types of information available on your personal devices?
If the domestic price of oranges is $3.00 per pound and the world price is $2.50 per pound and if the nation allows unrestricted trade, what will be the result to consumer and producer surplus?
Do you agree with this statement? Could you make an argument that these markets are not competitive?
Suppose you just had a new addition to your family. If you put away $600 a year ($50 a month) in an investment earning 10% per year
Kermit is considering purchasing a new computer system. The purchase price is $129,090. Kermit will borrow one-fourth of the purchase price from a bank at 10 percent per year compounded annually. The loan is to be repaid using equal annual payments o..
Which statement is true? The marginal cost curve is used to determine if a firm is operating at peak efficiency. A firm will always try to maximize its total revenue.
Suppose that Period 1’s demand for groundwater is given by the linear equation QUOTE PToday=$10-0.4*QToday . Furthermore, suppose climate change causes Period 2’s demand for groundwater to be a different linear eaquation, QUOTE PFuture=$12-0.3*QFutur..
Combine the various consequences into a cash flow table and compute the rate of return. Nonfinancial benefits are probably relevant here too.
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