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1. Suppose that each day there is a 10% chance of rain and whether or not it rains each day is independent of all the other days.
(a) Calculate the probability that we will have to wait at least 5 days for it to rain for the first time (i.e. at least 4 consecutive non-rainy days before the first rain; i.e., it rains no earlier than the 5th day)
(b) Calculate the expected number of non-rainy days before we get the first day that it rains.
2. The number of seahawk nests in the outskirts of Seattle is expected to average about 8.76 per acre. We will suppose that these nests are placed according to a Poisson distribution.
(a) What is the probability that there will be 7 or 8 nests in an acre?
(b) Let Y be the number of nests counted in 15 acres. What is the expected value of Y?
(c) What is the probability that 115 < Y < 120?
What's the difference between Chesapeake women and native women in the seventeenth century?
Assume a banking system with many banks. The reserve ratio in all banks is 16 percent and excess reserve is held in the banking system (i.e. banks are all "loaned up"). Sam sells gis government bond to the Fed. Sam received $3,000 in cash, which he ..
What are three limitations to traditional cost risk analysis? Explain how qualitative and quantitative data collection is different. Also discuss how the risk driver approach can be useful in minimizing the limitation to traditional cost risk analysi..
If labor productivity grew at the rate of 1.4% per year Illustrate what would average hourly compensation be in the year.
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text). Select an economic phenomenon and determine which of the models d..
Kim Harris owns and operates a small retail store, selling the outdoor clothing of an American manufacturer to a predominately college-student market. Lately, a large department store outside of town has started selling similar but lower-priced cloth..
1) Why do people use drugs? 2) Why do you think some people can use drugs recreationally (occasionally) without any problems when others become addicted?
Assume there is a drought that destroys a large portion of the tobacco crop. Explain what happen in the marketplace for tobacco.
Oftentimes on national issues like elections, you see news media reports polls after polls and each time they point out the results are within the margin of error of ± 3%. You may have been wondering where does the 3% come from. Note that in those po..
Where P is measured in dollars and Q is the number of T-shirts sold per year. Find the equilibrium price and quantity algebraically.
1. What is the difference between private and public goods? How ownership of private goods (property) may result in conflicts? Give suitable example to illustrate your answer.
If this economy were an open economy with a flexible exchange rate, would the usual crowding out forces be supplemented or offset by forces from the international sector
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