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An economist uses both quantitative and qualitative data to justify their decisions. Modern economics, neoclassical economics in particular, often relies on probability. Review this article for more information on the connection between probability and economics.
Do you think that probability should always be used when making economic decisions or forecasting? Or do you think there are some instances where economic changes are based on sheer luck? Be sure to use examples to justify your conclusions with examples.
When responding to your classmates' posts, discuss whether or not you agree with your classmates. In a general sense, can probability always be a reliable source for business decision-making?
Then the materials cost for each structure was $25,000 and the cost capacity factor is 0.65. Cost index values for 1999 and 2011 are 200 and 289 respectively. The estimated manufacturing cost for the first 1,000 square foot structure is $12,000. U..
In the competitive market at a price of $50 and cost function of C=50+5Q2 find out the maximum profit? Show how the solution was reached.
Southcoast Oil's fixed costs are $2,500,000 and its debt repayment requirements are $1,000,000. Selling price per barrel of oil is $18 and variable costs per barrel are $10.
Which of the following factors affects the marginal productivity of a worker?
A pet store is considering adding an employee discount of 25 percent off anything in the store to the benefits the employees already receive. What are the long-run implications of adding this benefit to the wages that its employees receive and to the..
consider the following statement chinas current account surplus implies that china has added more to global supply of
What are two ways for a competitive firm to determine the optimal level of production, that is, the level of production that will maximize profit or minimize losses?
recognize some major companies listed on stock exchange of any country of the choice. select one of these companies
because of the economic sanctions cast away islands cannot import hollywood movies or dvds. eunyoung is a super genius
an estimate of the demand function for household furniture produced the following resultf0.0036y1.08r0.16p-0.48
Exchange in an island economy.robin and terry are stranded on a deserted island and consume two products, coconut and fish. In a day, robin can catch 2 fish or gather 10 coconuts, and terry can catch 1 fish or gather 1 coconut.
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by about 10 percent as a result.
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