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Bill has completed a 10-question multiple- choice test on which he answered 7 questions correctly. Each question had one correct answer to be chosen from five alternatives. Bill says that he answered the test by randomly guessing the answers without reading the questions or answers. Define the random variable x to be the number of correct answers on this test, and construct the probability distribution if the answers were obtained by random guessing.
What is the probability that Bill guessed 7 of the 10 answers correctly?
Using the ideas we discuss this week, we are able to make clear statements on when a firm should operate and when it should shut down. When is it sensible for a firm to shutdown? What actions might a firm take to stay in operation in the long run? Do..
The senator is considering tax reform that would dramatically cut tax rates, leading to a supply function under the new tax policy Qs = 4.171P - 110. Illustrate how much money would a typical consumer save each month as a result of the proposed le..
Monetary policy can be used for contractionary or expansionary purposes just as we learned that fiscal policy could. Can you help me figure out when/how we would want to use expansionary monetary policy and when/how we would want to use contractionar..
Explain why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run.
Discuss which economic relationships you have studied up until now (not just in this class, but in all your economics classes) could be estimated using the simple linear regression model as well as the information you would need to estimate such a re..
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
What are the benefits and challenges when implementing Industrial policy? How does comparative advantage relate the implementation of industrial policy?
Current average daily sales of hats are 60. The current price is $9.24 per hat. A store manager notices that a rival store is charging $8.50 per hat. Use the mid-point method to calculate the price elasticity of demand.
She argues that this process will make for better utilize of information within the organization. The same concept could be applied beneficially within the corporation.
Suppose that your firm is the only producer of a high-tech sports utility vehicle for North American markets. Assume a constant marginal cost of $25,000 to produce each vehicle and no fixed costs of production.
Why does a newspaper dispenser open to a stack of newspapers and essentially “trusts” a consumer to take just one copy whereas a soft drink vending machine does not “trust” consumers and dispenses one can for each purchase? Describe how marginal util..
In an application of the Harrod-Domar model, suppose the only final-goods industry in a country is the making of cotton shirts. The factories, machinery and warehouses used in production were purchased previously and are still worth $3 billion. Each ..
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