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Given a discrete variable X that is a single roll of a fair die,
a.) What is the probability that X=2?
b.) What is the probability that X=2 0r 3?
A firm's Price = $100 and MR = $60 at 2000 units of output. Their MC at the 2000th unit is $40, ATC is $70, and AVC is $40. Calculate the firms Total Revenue, Total Costs, Total Variable Costs, Total Fixed costs, and Total Profit at a production leve..
In the economy of Etsy output is 6,011 goods per year, the amount of money is $498 and each dollar is spent an average of 5 times per year. According to the Quantity Equation of Money, what is the average price level? Step by Step
Which one of the following items about Theory of Constraints is TRUE?
One of the objectives of the European Union is to abolish restrictions on the free movement of all factors of production, including labor, services, and capital. Considering the latest financial crisis in Cyprus, would you suggest modifying the EU Ch..
How do the incentives and feedback for government bureaus differ from those for profit making firms? (minimum 100 word answer)
Your uncle Bob has been following a home-made investment strategy. Over a period of five years, he made ten semiannual purchases of stock for $1,000 each. At the end of the five years, he sold all the stock for a total of $12,000. What effective annu..
Dusty derives utility from 3 goods: music (M), wine (W), and cheese (C). His utility function is given by: u(M,W,C) = M + 2W + C. Show that Dusty’s MRS of wine for cheese is constant for all values of W and C on the indifference curves calculated in ..
Provide TWO (2) reason why it is said wineries that are looking to make an impact in China must create a strong digital strategy." In your opinion, do you think digital strategy is suitable for a luxury industry like the wine market?
Point out which costs in the preceding question are considered "relevant" and which are considered "irrelevant" to a business decision. Explain why.
Bernice’s preferences can be represented by the utility function, U(x, y) = min{x, y}. She faces prices ($2, $1), and her income is $12. If prices change to ($3, $1), the compensating variation
q1. explain why each of the following statements are false. for each write the correct statement.a. a monopolist
Explain how competition in markets can often provide incentives for the invention of new technology. Using the ideas of social benefit and privaate benefit, explain the concept of a positive externality. Why does new technology have positive external..
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