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Doing research for insurance rates, it is found that those aged 30 to 49 drive an average of 38.7 miles per day with a standard deviation of 6.7 miles. These distances are normally distributed. If a group of 60 drivers in that age group are randomly selected, what is the probability that the mean distance traveled each day is between 29.9 miles and 39.9 miles?
Compare and contrast two trade barriers, tariffs, or quotas.
What is the difference between marginal cost and oppurtunity cost?
Predict from the point of view of adverse selection and moral hazard how the following conditions will affect behavior.
q.assume that py increases by 15 what percentage effect on quantity demanded of product x could be expected?compute the
A firm has $1,300,000 in sales, a Lerner index of 0.64, and a marginal cost of $40, and competes against 900 other firms in its relevant market. What price does this firm charge its customers? By what factor does this firm mark up its price over marg..
From Henry Hazlitt’s Economics in One Lesson Explain how the lesson applies in the following instances. Include at least one policy argument in favor of the policy and one counter-argument:
The table given below shows the price of each unit of the product manufactured by a firm and the marginal cost of producing different units of the output. Table: 10.1 Output Price Marginal Cost 0 $1 $0 1 $1 $1.00 2 $1 $.80 3 $1 $.70 4 $1 $.50 5 $1 $...
If a country runs a trade deficit, will the level of investment spending be greater than, less than, or equal to the level of domestic saving?
After the unexpected exceptional performance of a company, all of its employees were given a one-time bonus. This consequently led to a rightward shift of the demand curve for laptops manufactured by the company and a leftward shift of the demand cur..
According to the textbook, sociologists use the religious economy approach or a business perspective to describe religions as organizations competing with each other for followers. Speculate on the relation between the religious economy approach and ..
What are the major forms of subsidies that governments grant to domestic producers? Provide 2 real-world examples of subsidies given to a firm, or firms, which compete globally. Need citations
Two goods are substitutes if an increase in the price of one good leads to an increase in demand for the other. Markets exist to facilitate exchange between people. The cost of a master's degree in engineering equals the tuition plus the cost of book..
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