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The Red Lobster sells fresh seafood. Red Lobster receives daily shipments of farm-raised fish from a nearby supplier. Each fish cost $2.50 and is sold for $4.00. To maintain its reputation for freshness, at the end of the day Red Lobster sells any leftover fish to a local pet food manufacturer for$1.55 each. The owner of the Red Lobster wants to determine how many fish to order each day. Historically, the daily demand for fish is:
Demand
10
11
12
13
14
15
Probability
0.10
0.15
0.20
0.17
0.23
Construct the payoff table and answer the following:
(C-1) What decision should be made under the optimistic approach?
(C-2) What decision should be made under the min/max regret approach?
(C-3) What decision should be made under the expected value approach?
(C-4) How much should the owner of Red Lobster be willing to pay to obtain a demand forecast that is 100% accurate?
Reducing the budget deficit by cutting government spending could conceivably: A. increase income if interest rates rise enough and government spending is more productive than priva
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how can a country maintain equilibrium GDP with foreign trade?
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Example of Indirect Taxes and Subsidies- ACCOUNTING SYSTEM We now permit our government to impose what are called indirect taxes. This category includes sales tax, excise tax,
SUppose nominal GDP increases from 5.8 trillion to 6 trillion. The GDP deflator rose over that same year by 3.9 percent. By what percent does the real output increase?
Suppose the demand for loanable funds was stable but the supply fluctuated from year to year. what cause fluctuate in supply?
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