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A review of the service call records of Ed's Electric indicates that the time taken for a service call can be represented by a normal distribution with mean 45 minutes and standard deviation 10 minutes.
a. What is the probability that a service call takes more than 30 minutes? (Be sure to indicate the relevant Z-score for the problem).
b. What is the probability that a service call takes less than an hour? (Be sure to indicate the relevant Z-score for the problem).
c. An electrician is scheduled to make 3 calls in a morning. The times taken for each call are independent of one another. What is the probability that all 3 of the calls will take more than one hour?
Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $160.
What are the opportunity costs of reducing expenditures such as education and social services compared to raising taxes? Why? Explain what the rational choices are in that situation and what other options should be considered.
BigBiz, a local monopsonist, currently hires 50 workers and pays them $6 per hour. To attract an additional worker to its labor force, BigBiz would have to raise the wage rate to $6.25 per hour. What is BigBiz's marginal factor cost?
Comcast's call center had a problem with unresolved incidents. Customers who called in for technical help often had to make follow-up calls
hat same article reports that shakeup of upper-management is over at U.S. industries and that over next decade re will be a nationwide surge in demand for MBA's. How will se events affect your industry's ability to expand its own base of MBA's.
Given that there is no such thing as a "free lunch", how do individuals resolve the problem of unlimited wants but limited resources?
When the government imposes an excise tax on foreign imports:
A simple diagram showing the European Central Bank's increase in money supply illustrates that the Euro is most likely to appreciate relative
It is customary for the News media to report about consumer confidence and investor confidence while discussing the national economy. How do you think the confidence of the economic agents affect the economy? From personal or work experience, state f..
Explain how banks are financial intermediaries. What are reserves? What are excess reserves? Explain how the Fed can affect the quantity of excess reserves in the banking system. Your response should be at least 75 words in length.
What percentage of the observations are within: Compare the results with the predictions of the empirical rule.
The participation of women in the U.S. labor force has risen dramatically since 1970. How do you think this rise affected GDP? Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change i..
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