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Hex Yahtzee is a game in which each person rolls six dice at once. The dice are ordinary 6-sided cubes, with a different number on each face. If exactly five of the six dice come up the same, the roll is called five-of-a-kind, and scores very well.
What is the probability of rolling five-of-a-kind on your first roll in Hex Yahtzee?
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why?
Widgets R Us uses a variety of different items to produce their world-class widgets. For each item listed, place it in the appropriate bin according to whether it would generate an implicit or explicit cost for the firm.
Why US banking system is known as fractional Reserve? Why modern ban king systems are known as fractional reserve? What are the characteristics of frictional Reserve banking?
At a restaurant that does not take reservations, people arriving at 7:30 normally have to wait for an hour, but some people arriving at that time give money to the hostess and are promptly seated.
A firm pays a wage of $40 per hour to 25 unskilled workers, $60 to semi-skilled workers, and $80 to 10 skilled workers. Find the weighted average wage paid by the firm.
Let C be total consumption expenditures of a family, and S the size of the family. Formulate an econometric model that the marginal effect of family size on consumption is a constant. What is the expected sign of the relevant coefficient? What are th..
In the market for laptop computers, assume future prices are expected to fall. Using two graphs draw two possible but different scenarios that may result which account for how consumers would react and how producers would react. (Hint: In each graph,..
Discuss how supply and demand would be affected under each of the four degrees of competition (pure competition, monopolistic competition, oligopoly, and monopoly). Give specific examples to support your response.
An existing machine is worth $2,500 today. Its $8,000 operating cost for this year is predicted to increase by $1,000 annually, owing to deterioration. It will be retired in 4 years, when its salvage value will be zero. what is the equivalent annual ..
In the classic introduction to non-cooperative game theory, the mixed strategy for a player is taught as a distribution over strategy space for the player. The distribution essentially gives us the probabilities (say, discrete strategy set) with whic..
Which of the variables above is NOT statistically significant at the 0.05 level.
Compute the average total cost, average variable cost, and marginal cost of producing 60 to 72 haircuts. Draw the graph of the three curves between 60 and 72 haircuts.
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