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A particular camera is sold at an average price of $190, with a standard deviation of $12. In a sample of 50 randomly selected stores, what is the probability that the sample mean falls within $4 (i.e., between $186 and $194) of the population mean?
If the utility function (U) between food (F) and clothing (C) can be represented as U = FC, the marginal rate of substitution of clothing for food equals? Please explain how to het MRS from utility function and formula?
Jack is in the umbrella making business. The economic cost of each umbrella is $2. Illustrate what are the formulae for both the average economic cost curve and marginal cost curve.
Consider the following firm (indirect) cost function: C(v,w,q) = 2(q·v·w)0.50. At q0 = 100, w = $20, v = $5, the (contingent) quantity demanded for labor input lc is what number? NOTE: write your answer in number format, with 2 decimal places of prec..
The purpose of this is assignment is for students to review the basic principles of economics and the concepts of the circular flow model.
When Pauline Puffington died, she left her entire estate of $3 million to a trust for the care of her twelve dogs and fourteen cats. After the pets' deaths
Is the concept of a just price a positive or a normative concept? Why?
In a Monopoly market, a firm is a price maker since there are no close substitutes to the product. You are asked to find the company’s Shut-Down, Break-Even, and Profit-Maximization points. Fixed Costs remains at $1,000.00. Graph the TC and TR on one..
Assume the world has only the U.S. and Germany, and that trade between them is balanced such that neither runs a trade deficit nor surplus. If exchange rates now change such that the U.S. dollar becomes more expensive for Germans to buy (and all else..
Comment on the relationship between the amount of enhancer and the ranking by the panel. Clearly justify your claim.
Describe each of the following economic functions of money and provide an example of each: (1) medium of exchange; (2) standard of value; and (3) store of value.
Where P is the price of beer, PN is the price of nuts, and I is average consumer income. What happens to the demand for beer when the price of nuts goes up? Are beer and nuts demand substitutes or demand complements? What happens to the demand for be..
You are considering entering a market serviced by a monopolist. You currently earn $0 economic profits, while the monopolist earns $5. If you enter the market and the monopolist engages in a price war, you will lose $5 and the monopolist will earn $1..
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