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Suppose you are offered to play a game. It cost $5 to play. There is a jar with three marbles, each a different colour: red, blue, and green. You are blindfolded and asked to select one marble from the jar. You must then return it to the jar. Still blindfolded, you select a marble for a second time. If you select the blue ball twice you win $90. What is the expected value of playing this game? (round to the nearest whole number)
What are the goals of an economic system? What is the criterion to measure the effectiveness os a system? What are monetary goals? What are the fiscal goals? How do governments influence monrtary and fiscal goals?
Explain the importance of agriculture to Brazil’s current success. What role will agriculture play in Brazil’s future? What are the implications of this for other countries? How might countries like the United States react if Brazil is successful in ..
The national debt of many developed nations is projected to grow to unsustainable levels. Why might national legislatures welcome higher inflation? Does inflation offer a means for a country to finance its increasing debt?
A firm produces two goods: widgets (X) and woozles (Y). Its profit function is given by: Π = 55X – 2X2 – XY – 3Y2 + 100Y and its maximum output capacity is X + Y = 17. Use the Lagrangian method to calculate the output mix the firm should produce. Est..
In January, root beer and orange soda each cost $1 a bottle. Judith's income is $20. She buys 5 root beers and 15 orange sodas. In February, the price of root beer falls to 50 cents, the price of orange soda increases to $2 and Judith's income remain..
Why does Michael Porter admonish companies will not change his competitive positioning any more regularly than once every four or five years.
When sketching a graph of a market in which sellers have limited ability to adjust the amount they produce, I will draw the supply curve with
What is the difference between Real GDP and nominal GDP, and why do we care?
What components of aggregate demand were affected and what was the impact on real output? What were the policy options?
A firm in a purely competitive industry is currently producing 1,200 units per day at a total cost of $700. If the firm produced 1,000 units per day, its total cost would be $450, and if it produced 700 units per day, its total cost would be $425. Wh..
In what ways can art be political? What does political art look and sound like? (Give 2 examples?) Give an example of present-day business and its methodologies.
Please explain the price of bonds and interest rates using supply and demand curves. Using supply and demand curves, draw curves before and after movement, please explain how rates are determined if the supply curve moves right or left. Using dema..
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