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A lock on a bank vault consists of three dials, each with 30 positions. In order for the vault to open, each of the three dials must be in the correct position.
a. How many different possible dial combinations are there for this lock?
b. What is the probability that if you randomly select a posi- tion on each dial, you will be able to open the bank vault?
c. Explain why "dial combinations" are not mathematical combinations expressed?
Describe the market growth rate for product and service.
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For a typical competitive firm, the price in the long run equilibrium will tend to: be greater than average cost, be equal to average cost, be less than average cost, intermediate
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Assume that every citizen of country X has the utility function of u(x, y) = 5x+4y. Say that x denotes cigarettes and y denotes alcohol. The government of country X receives revenue from alcohol and cigarrete purchases but wants to curb alcohol co..
Suppose life is discovered on Mars and that it turns out to be quite sophisticated. In fact, perfect competition prevails everywhere on the planet. Which of the following characteristics of Martian firms are we likely to observe
Determine the price, income and cross price elasticity of demand and how would you characterize the demand for haddock?
If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..
The Principal can invest in monitoring to improve the precision of the performance measure,according to the monitoring technology
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
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