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In 2008, the per capita consumption of coffee in the United States was reported to be 4.2 kg, or 9.24 pounds. Assume that the per capita consumption of coffee in the United States is approxi- mately distributed as a normal random variable, with a mean of 9.24 pounds and a standard deviation of 3 pounds.
a. What is the probability that someone in the United States consumed less than 5 pounds of coffee in 2008?
b. 99% of the people in the United States consumed less than how many pounds of coffee?
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The world price of wine is below the price that would prevail in the United States in the absence of trade. a.) Assuming that American imports of wine are a small part of total world wine production, draw a graph for the U.S. market for wine under ..
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The consumption function is given by C = 200 + 0.75(Y - T ). The investment function is I = 200 - 25r, r is the real interest rate. Government buy and taxes are both 100.
Find the price elasticity of demand with respect to the money price using arc elasticity and find the price elasticity of demand with respect to the full price using "arc elasticity," which evaluates the price
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You're an advisor to a newly elected President of a developing nation. This nation is under heavy corruption problems. What are some policies that the president can run to help fight this corrpution. The president himself isn't corrupt.
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