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Question: Suppose you are playing in a championship basketball game. There are four seconds left in the game and your team is losing by two points. You have the ball and call a time out. You have two choices. You could try for a three-point play to win. The odds you succeed are .3. Or, you could go for a two-point play and force the game to go into overtime. The odds of making the two-point play are .5. Suppose the odds of winning in overtime are .5. Which option would you choose?
Shoes For Less (SFL) hires you to estimate the demand for their shoes, and you estimate this to be: Describe the difference in the results between your results and those of original consultant.
Provide a paragrpah explaining the power and influence you were attempting to use and why you choose that particular combination.
Suppose a persona quits a job paying $40,000 per year and starts a business with $100,000 withdrawn from a money-market account earning 8 percent per year.
Using the midpoint method, what is the price elasticity of demand? If the price increases, does total revenue increase, decrease, or stay the same
True&False: If George types 50 words per minute and Mary types 120, then it certainly makes more sense for Mary to be employed as a secretary than for George to be.
Declines in stock prices are sometimes viewed as an indicator of future declines in real GDP
In 1914, Ford Motor Company doubled its wage to $5 per day, a rate that was considerably above the average wage at that time.In terms of efficiency wages, explain why Ford would have had an incentive to do this.
If rice can be produced using water and seed according to Q = WS, where water, W, costs $3 and seed, S, costs $3, what is the cost minimizing combination of water and seed capable of producing 144 units of rice?
Suppose an environmental impact study shows that the coral reef near Port Douglas. Discuss the pros and cons of setting a quota of 20 dive tours per week.
The market for gasoline has changed in a couple significant ways over the last few years: Describe how these changes affect the supply of and demand for gasoline. What is the overall effect on equilibrium price?
Evaluate plan in terms of market incentives, one of the ten principles of economics, to work and current welfare programs. Is the Phelps' plan an improvement over current government policies? Discuss.
An end-of-aisle price promotion changes the price of elasticity of a good from -2 to -3. If the normal price is $10, what should the promotional price be?
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