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The average rent in a city is $1,500 per month with a standard deviation of $250. Assume rent follows the normal distribution. Use the empirical rule for normal distributions to answer the following questions.
a. What percentage of rents are between $1,250 and $1,750? (Round your answer to the nearest whole percent.)
b. What percentage of rents are less than $1,250? (Round your answer to the nearest whole percent.)
c. What percentage of rents are greater than $2,000? (Round your answer to 1 decimal place.)
Changes in tax laws and deliberate government purchases that are made to help the economy recover from a recession are known as ____________.
A company has an investment project that would cost $40 million today and yield a payoff of $58 million in 4 years. Should the firm undertake the project
Discuss the issue of health care in the context of the following microeconomic concepts: ?Marginal analysis ?Trade-offs ?Opportunity costs ?Normative versus positive economics
Keynesian economists think that _________the key determinant of consumption and spending. Classical economists think that the higher the_______ , the more people will save, which means that they will consume less. A person's _______about how much inc..
Jordan Inc makes basketballs in Vietnam using labor (L) and capital (K). Its weekly production function can be described as: The price of each unit of capital is $40 per unit per week. The labor use varies according to the number of basketballs made,..
Vermont is one of many states that passed Certificate of Need (CON) laws in the 1970s. Many interest groups are in favor of repealing all CON regulations. Assuming perfect markets, describe in one page or less, using graphs where appropriate, the eff..
What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting countries? Use graphs as needed and explain your answers thoroughly.
The U.S. continues to experience a relatively high level of unemployment in its workforce. When analyzing a two-good production possibilities curve (PPC), where would you expect to find a point that reflects this unemployment?
Suppose each monopolist is allowed to sell both domestically and export the good. At what price will the good be traded? What quantity will each firm sell domestically and what quantity will it export?
Insurance agents receive a commission on the policies they sell.
US and Canada can both grow wheat and can do mining. Use the following table to look for which country has a comparative advantage in mining. (Hint: Find the cost of mining in terms of wheat in each country.)
Suppose the marginal cost of solving the global warming problem and the marginal benefit of doing so are listed below. How many degrees of temperature to be reduced are best for society to implement? Explain why?
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