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The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms. Her most optimistic estimate (a price not expected to be exceeded more than 10 percent of the time) is $2 million. Her most pessimistic estimate (a lower price than this one is not expected more than 10 percent of the time) is $1 million. The expected value estimate is $1.5 million. The price distribution is believed to be approximately normal.
a. What is the expected price?
b. What is the standard deviation of the launch price?
c. What is the probability of receiving a price less than $1.2 million?
The marginal cost of the public good is $180. What is the economically efficient level of production of the good? Illustrate your answer on a clearly labeled graph.
Briefly describe the strategy
Would you expect these answers to be the same?
Suppose a country's CPI increased from 2.1 to 2.3 in the course of 1 year. Use this fact to compute the rate of inflation for that year. Why might the CPI overstate the rate of inflation?
A small pipeline will cost less to purchase (including valves and other appurtenances) but will have a high head loss and, therefore, a higher pumping cost.
Discuss the difference between real GDP and nominal GDP and does GDP accurately reflect our country's productivity?
What is the relationship between the price of the third unit and the marginal revenue of the third unit? d) What is the relationship between the price and the marginal revenue of the fourth unit?
The one-year real rate of interest is currently estimated to be 3 percent. The current annual rate of inflation is 2 percent, and market forecasts expect the annual rate of inflation to be 5 percent. Approximately, what is the current one-year nom..
an economy has a production given by y k0.25n0.75.a. what king of returns to scale does the production function
Going back to the demand curve in part (a), suppose the current market price for an orange is $5, what happens to the demand curve for oranges if the price goes to $7 per orange That is, does the demand curve shift or is there a movement along the..
What is an oligopoly? Provide an example of an oligopolistic industry not found in the chapter.
An asset in the 5-yr. MACRS property class cost $100,000 and has no salvage value after six years of use. The asset will generate $300,000 in annual revenues and will require $100,000 in annual labor costs and $50,000 in annual materials costs.
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