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Question - Suppose that there are 2,000 employed people in a small town. Among them, 500 employees receive the hourly wage of $10 per hour, 1100 employees receive $15 per hour, and 400 employees receive $20 per hour. Let W denote the hourly wage rate of a randomly drawn person from the town's employed population.
(a) What is the support of W? What is the probability distribution of W?
(b) Find the expected wage, E(W).
(c) Find Var(W).
The winner of the men's and women's tennis singles at the Canadian Open is paid twice as much as the runner-up, but it takes two players to have a singles.
What is the slope of the line described by this equation: P = 3Q + 1/2? P is plotted on the vertical axis, and Q is plotted on the horizontal axis.
some oakland california residents are sick and tired of tripping over burger wrappers and soda cans and the city is
If a 0.5% decrease in product price as accompanied by a 1% decrease in consumer income, the firm's total sale will
You're the manager of monopoly that sells the product to two groups of consumers in different parts of country. Group 1's elasticity of demand is -2, while group 2's is -6. your marginal cost of producing the product is $10.
Let the utility function be U = log(x) - l, where l is labour and x is consumption. Find the level of labour supply if the wage rate w=10.
Some economists studying the effects of the minimum wage law have found that it tends to reduce the employment of black teenagers relative to white teenagers.
There are three primary methods of inducing firms to emit the optimal level of pollution: standards, taxes and transferable permits. Compare and contrast these three techniques: describe each and explain its strengths and weaknesses.
The total marginal cost functions of a competitive firm are tv+1800+2q^2 and mc=4q, where tv and mc are total cost respectively, and q is the firms total output. There are currently 100 identical firms. The demand function is p=180-.02q. P is price, ..
Show the impact of fiscal policy on GDP and interest rates assuming a fixed exchange rate regime under (i) perfect capital mobility, (ii) perfect capital immobility, and (iii) imperfectly mobile capital.
Identify three causes of a price change in a market, using a graphic organizer like the one below. Add examples and identify the possible results for each.
A.Based on the National Accounts, what policies would you implement to eliminate a NX
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