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One of the fans at this game believes in the Law of Small Numbers. She has the wrong model of how likely Curry is to make a basket. Here’s how her model works. The fan imagines that there is a deck of 4 cards. When Paul is Hot, 3 of these cards say “hit” on them, and only 1 says “miss.” Every time Curry takes a shot, one of these cards is drawn randomly without replacement from the deck, and the outcome is whatever the card says. Therefore, when Curry is Hot, he always makes 3 out of every 4 shots he takes. (When the deck is used up, the 4 cards are replaced, the deck is shuffled, and the process begins again – but that isn’t important for this problem.) Similarly, when Curry is Normal or Cold, the outcome of every shot is determined by the draw of a card without replacement from a deck of 4 cards. When curry is Normal, the deck has 2 “hit” cards and 2 “miss” cards. When Curry is Cold, the deck has 1 “hit” card and 3 “miss” cards. Explain how her model corresponds to the Law of Small Numbers.
A foundry uses 3,600 tons of pig iron per year at a constant rate. The cost per ton delivered to the foundry is $145. It costs $92 to place an order and $18 per ton per year for storage. Find the minimum-cost purchase quantity.
In what way (or ways) is the current Knowledge Revolution a child of the Industrial Revolution? Is this a new revolution or simply an extension of the 18th-century revolution? Given the history, is it perhaps more appropriate to call the current revo..
According to this Application, after the government deceased cigarette taxes in several Canadian provinces in 1994, the decrease in the price of cigarettes in these provinces A) more than doubled the smoking rate. B) created no noticeable change in t..
Describe key elements of technology-enabled customer relationship management and outline advantages that technology-enabled customer relationship management has over traditional seller-customer interactions.
The Employment and Training Administration reported that the U.S. mean unemployment insurance benefit was $238 per week. A researcher in the state of Virginia anticipated that sample data would show evidence that the mean weekly unemployment insuranc..
Discuss the pros and cons of the two “advanced” forms of estimating energy demand. What do they excel at and where are they lacking? How might policy changes be built into the models? Assume the following two equations for the extraction of a natural..
What plant size will the firm choose in producing. Draw the firm's long-run average-cost curve on the diagram and define this curve.
Suppose that annual income from a rental property is expected to start at $1,000 per year and increases at a uniform amount of $50 each year after the first year for the 10-year expected life of the property. Assume an interest rate of 10%/year. Assu..
The degrees of freedom are used to determine the critical z-score for the normal distribution when calculating a confidence interval. The alternative hypothesis, denoted by H1, represents the opposite of the null hypothesis and is believed to be true..
Dyna Rubber Inc. manufactures a high performance tire called the Sport 70. Fixed development costs for the current year are $600,000 per year. Marginal costs for manufacturing and distribution are $63 per tire. Calculate the output, price total reven..
The initial cost of a pickup truck is $11,311 and will have a salvage value of $4,266 after five years. Maintenance is estimated to be a uniform gradient amount of $177 per year, with zero dollar for first year maintenance. The operation cost is esti..
When wages increase, will the typical person work more or less? Explain your answer using microeconomic theory. (Note: The substitution and income effects for leisure demand are an important part of this topic).
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