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A student must answer 15 true/false questions for a test, but the student did not study well. If the student randomly guesses on each question , what is the probability that the student answers 3 questions correctly?
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Graph Bill’s budget constraint..
Every economy, as well as the medical care sector, must decide the following: what should be produced, how it should be produced, how it should be distributed, and how to allow growth and innovation. With respect to the medical care sector, how are t..
Consider the application of the IS/LM model to the Great Depression. In 2002, Ben Bernanke was speaking for the entire Federal Reserve Bank and admitted to mistakes in the policy response to the economic downturn in the 1930s. Recall that the data sh..
Suppose re are 300 of young in some period t. n, how many good are paid to government for tax in this period. In period t, how many good can each old person get and consume.
Which philosophy is more evident in our present tax structure? Justify your answer. To which principle of taxation do you subscribe? Why?
In defining development to include more than just the growth of per capita income, there is an implicit assumption that the growth of per capita income alone is not sufficient to guarantee the reduction of poverty and the growth of self-esteem. Is it..
If the two functions from questions 1( MB(q)=320-18q ) and 2 ( MC(q)=20+6q ) were demand and supply functions: Calculate total economic surplus associated with the crude oil market and indicate how much of this surplus accrues to consumers and how mu..
The production of agricultural products like wheat is an example of a perfectly competitive industry. Answer each part of this question. A. The average variable cost per acre planted with wheat was $107 per acre. Assuming a yield of 50 bushels per ac..
Leadership positions for a college social club are up for election. Three people are needed to fill the positions of president
Illustrate what would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production.
The demand curve for salted codfish (saltfish) is D(p) = 200 − 5p and the supply curve is S(p) = 5p. 1 (a) On a graph with saltfish on the horizontal axis and the price of saltfish on the vertical, draw the demand and supply curves. What is the equil..
Bleacher tickets for the game were sold out and many fans would have attended if tickets were available? What is the main rationing mechanism to allocate tickets for the game?
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