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Sixty percent of the students in an introductory statistics class are female. 70% of the female students in the class are nursing majors, and 30% of the male students are nursing majors. If a student is selected at random from the class, what is the chance that the student is a female nursing major?
Consider a labor market where the demand for a particular category of labor is given by the equation LD = 20 – 2W. Suppose that the supply curve of workers in this market who are also native-born citizens is given by LN = 2W,
Would you rather receive $100 today or $120 in one year? b Would you rather receive $205 today or $240 in one year? c Would you rather receive $500 in one year or $610 in two years?
Depreciable residential rental real property has been purchased for $70,000 and put into service during the third month of the taxpayer's tax year. For the applicable 27.5 year depreciation life, determine the allowable straight line depreciation ded..
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. Write the firm's isocost equ..
Explain how a monopolist uses price discrimination in an effort to increase its profits. In your answer, you should differentiate between first, second and third degree price discrimination.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
What is the capitalized equivalent cost of a dam that will cost $25 million now and will require $2 million in maintenance annually? The effective annual rate is 12%.
A coal fire plant that produces electricity emits sulfer dioxide, which causes Acid Rain, into the atmosphere. The market equilibrium price of electricity is $6 per kilowatt hour (kWh) and the market equilibrium quantity is 10 kWh. What type of exter..
Also, assume that the “target market” has 1 Household and 1 Graphic Designer (a simple way of representing equal proportions of each type of customer). The marginal cost of production is $0. If Adobe sells only to Graphic Designers, what is the optim..
Consider two hypothetical countries. In Country A, 20 percent of the labor force is unemployed for half the year and employed for the other half; the remaining 80 percent of the labor force is never unemployed. In Country B, 100 percent of the labor ..
What is the difference between Microeconomics and Macroeconomics? What are an example of each of them? Explain in detail
Compute the numerical elasticity of long-run demand. Is it unitary, elastic, inelastic, etc. Explain why would consumers demand 0 minutes in the long run if the price was $.30 per minute.
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