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Sears rates its salespersons according to their sales ability and their potential for advancement. They sampled 500 salespeople with following data: Potential for Advancement Fair Good Excellent below Average 16 12 22 Average 45 60 45 Above Average 93 72 135 (a) Calculate the probability that a randomly selected Sear's salesperson has above average sales ability and is an excellent potential for advancement? (b) Calculate the probability that a randomly selected Sear's salesperson will have average sales ability and good potential for advancement? (c) Calculate the probability that a randomly selected Sear's salesperson will have below average sales ability and fair potential for advancement? (d) Calculate the probability that a randomly selected Sear's salesperson will have an excellent potential for advancement given they also have above average sales ability? (e) Calculate the probability that a randomly selected Sear's salesperson will have an excellent potential for advancement given they also have average sales ability?
What are the three methods that societies have used to allocate their scarce resources? Give an example of each method. Give an example of a good that uses all three methods at onc
Definition of Money We should define what we mean by money. Money has a long as well as interesting history and an understanding of how we came to use money is useful for any
Macroeconomics usually deals with the behaviour of aggregates of economic variables. An economic variable is a magnitude whose value may changes. Important variables in macroeconom
What would happen to the US market of new homes, if Bank of America raises interest rates, from 1% to 3%?
An electrical company audit indicates that motor consumption is 4x106 kWh per year. By upgrading to high efficiency motors a 10% savings can be made. The additional cost for the mo
For a single nonprofit provider, describe an output-maximizing model to predict supplier behavior?
Explain, using the best framework you can think of (based on our class discussion), the effect of a large federal deficit on interest rates.
how to work out National Income?
What is the difference between the short-run framework and the long-run framework? Discuss how each relates to supply and demand.
GDP is an important indicator of a nation's economic performance. It has many components which contribute to the growth of the economy. Oil is a minor component of GDP and therefor
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