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the time it takes a worker on an assembly line to complete a task is exponentially distributed with a mean of 8 minutes. What is the probability that it will take a worker between 6 and 10 minutes to complete the task
the claims for a new long-life battery were justified, a consumers' group tested a random sample of 20 batteries. Each battery was subjected to a standard heavy load until burnout, providing the following 20 lifetimes ( in minutes): 65.1 58.4 64.9..
Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q It finance department has estimated its total cost function.
suppose that firm 2 acts as a price leader and can commit in advance to setting its price once and for all. In turn, firm 1 will react to firm 2 s price, according to the profit-maximizing response found earlier, P1=52.5+.25P2. In committing to a ..
According to the News on page 677, what percentage of retail jobs would be lost if the minimum wage were increased to $9.50 Obama Wants $9.50 Minimum Wage (Crains)- When Barack Obama and his fellow Democrats take power in Washington.
Consider the following version of the Stackelberg model. There are two firms, 1 and 2. 1 is the leader and chooses its quantity first. 2 is the follower and chooses its output after 1 chooses. They produce identical goods and so if q1 = is 1's out..
Throughout the problem set, we assumed that net taxes do not depend on income (that is, net taxes are a lump sum). However, in reality, taxes do vary with income. Suppose Bodinia and Goldland are two economies that are exactly the same in every as..
Production engineers at Sinotron believe that a modified layout on its assembly lines might increase average productivity (measured in the number of untis produced per hour). However, before the engineers are ready to install the revised layout o..
consider a modified scenario where a potential worker invests in years of education. Each year of education costs a motivated worker $10,000 in terms of disutility and an unmotivated worker $20,000 in terms of disutility.
The supply of paper is described by the following equation Qs= 5000 P where Qs is tons supplied per year and P is price per ton. demand is Qd= 400,000-1000 P there Qd is tons demanded per year. because of the pollution associated with paper produc..
Suppose that fixed costs increase by $50 but the prevailing market price remains unchanged. Using algebra determine the effects of this change in cost on the profit maximizing output and the optimal profit. Do you see any change from your answer t..
Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, ..., and firm 100. For firm j (j=1,2,...,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the w..
The mayor decides how long each fireworks show will last each year. This year, she has a new plan: each of the 20 town citizens will send in their marginal utility of a minute of fireworks to the mayor who will then compute the optimal amount of fi..
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