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Suppose that, on average, electricians earn approximately dollars per year in the United States. Assume that the distribution for electrician's yearly earnings is normally distributed and that the standard deviation is dollars.
What is the probability that the average salary of four randomly selected electricians is less than $50,000?
At April 30, partners' capital balances in PDL Company are: G. Donley $48,100, and J. Pinkston $17,600. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Lama..
Without international trade the ability of a nation to specialize in what it produces relatively more efficiently would be meaningless and its production possibilities would always be equal to its consumption alternatives.
Based on what you have studied so far in this course, discuss and describe some aspects of macroeconomics that an be useful in your future (...yes, it can be aything we discussed in this course - Macroeconomics). Your discussion should be more than h..
Which of the following will not cause an increase in the supply of good X? A. a decrease in the price of inputs used to produce good X B. an improvement in the technology used to produce good X C. an increase in the number of firms that produce good ..
Apple has chosen to have the components for the iPhone manufactured by more than 30 companies around the world, as opposed to producing everything itself. Address the three basic economic questions: How does this choice determine what, how, and for w..
Burger King and Wendy’s are engaging into the following one-shot game: if Burger King advertises and Wendy’s does not, Burger King will make $20 million in profits and Wendy’s will make $6 million. Write the payoff matrix for the above game. Does Bur..
Explain to what extent the neoclassical growth theory (e.g. Solow Swan model) that emphasize capital accumulation and total factor productivity.
Choose two real-world companies in different industries, one that you feel faces elastic demand and one that you feel faces inelastic demand. In each case, you are an economist working in the company and you have come to a conclusion of what kind of ..
In response to a price decrease from $27 to $22, sales quantity increases 13,200 to 14,800. Calculate the absolute value of the price elasticity of demand.
Describe the equilibrium price and quantity, producer surplus and consumer surplus.
Using Beer's Law calculate the value for (extinction coefficient) in units of ppm-1 cm:
What are heuristic models and how do they differ from models such as Expected Utility Theory?
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