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Often the values 1, 2, 3, 4 and 5 are assigned to categories such as "Strongly Disagree," "Disagree Somewhat," "Neutral," "Agree Somewhat," "Strongly Agree." This question has to do with such a "scaling." (The scale is called a Likert scale.)
Of all random variables taking the just values 1, 2, 3, 4, 5, the one with Pr{X = 1} = 1/2 and Pr{X = 5} = 1/2 has maximum standard deviation. What is the value of the variance of this random variable?
Truckco manufactures two types of trucks; the T1 and the T2. Each truck must go through the painting shop and the assembly shop. If the painting shop were completely devoted to the T1, 800 trucks could be painted in a day. The T1 contributes $300 in ..
Park Equipment Leasing purchased a new milling machine for $1.8 million. They depreciate it using MACRS (5-year property). They lease it to Valles Global Industries for $550,000 a year for eight years. Under the Park-O-Matic leasing option, Valles Gl..
the circular flow diagram is model of how the economy works. explain how the model would change if the following events
Who gains the most from this price restriction. And who should be harmed from this price restriction.
Which of the following would shift the short-run aggregate supply curve to the right?
Mr. Darcy is a single man of good fortune, so good, in fact, that it allows him to sustain a lavish lifestyle simply on the interest he earns on his savings without ever having to work. What is Mr. Darcy’s nominal wealth at the end of each the next t..
Most of the Federal elected politicians, members of the House of Representatives, are up for reelection every two years.
Tad's bait shop has a monopoly in the bait market. Demand is given by q=56-8p and mc=0.25q. find profit maximizing output and price. find the level of consumer surplus that accompanies tad's profit max choice of output and price. determine what consu..
What movements in in supply and demand would be consistent with the increase in Banana prices ( prices increased due to heavy rains washing out banana crops for that year)? Discuss the factors and mechanisms that have causes these patterns of price c..
Suppose one of your friends offered the following argument: A rightward shift in demand will cause an increase in price. The increase in price will cause a rightward shift of the supply curve, which would lead to an offsetting decrease in price. Ther..
Consider the medium run. You should assume there is no liquidity trap. Start from a medium run equilibrium.
Assume that VCRs continue to be sold at $200 per unit while average income increases from $30 thousand to $50 thousand. Assume also that the price for DVD players remains steady at $500. Using the midpoint method, what is the income elasticity of dem..
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