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Suppose that 5% of the adobe bricks shipped by a manufacturer have minor blemishes. A person is to buy 500 adobe bricks.
a) Give the expression for the exact probability that between 20 and 30 bricks, inclusive, will have minor blemishes.
b) Find the value for the probability in (a). (Hint: P(X ≤ 30) - P(X ≤ 19))
We have the following information about a small country.
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Much of the demand for U.S. agricultural output has come from other countries. In 1998, the total demand for wheat was Q=3244-283P. Of this, total domestic demand was Qd=1700-107P, and domestic supply was Qs=1944+207P. Suppose the export demand for w..
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Suppose that for each one-percentage-point increase in the interest rate, the level of investment spending declines by $0.5 billion. The change in the interest rate (according to the change you made to the money market in the previous scenario) there..
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When enacting fiscal policy, the form such policies take is often at issue - should we enact fiscal policy by lowering taxes or increasing spending? There are many points of view on either side of the spectrum. How do tax cuts affect GDP? Do tax cuts..
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