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Helen plays basketball. For free throws, she makes the shot 75% of the time. Helen must now attempt two free throws. C = the event that Helen makes the first shot. P(C) = 0.75. D = the event Helen makes the second shot. P(D) = 0.75. The probability that Helen makes the second free throw given that she made the first is 0.85. What is the probability that Helen makes both free throws?
A school has 200 seniors of whom 140 will be going to college next year. Forty will be going directly to work. The remainder are taking a gap year. Fifty of the seniors going to college play sports. Thirty of the seniors going directly to work play sports. Five of the seniors taking a gap year play sports. What is the probability that a senior is taking a gap year?
A student goes to the library. Let events B = the student checks out a book and D = the student check out a DVD. Suppose that P(B) = 0.40, P(D) = 0.30 and P(D|B) = 0.5.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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