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Suppose that you are in charge of the ticket sales for a major college football team. From past experience, you know that the number of tickets that a person standing in line at the ticket window wishes to buy has approximately a normal distribution with mean 2.4 and standard deviation 2.0. For today's game, there are 100 eager students and alumni standing in line to purchase tickets. If only 200 tickets remain for the game, what is the probability that all 100 of the students and alumni get the number of tickets they wish to buy? Please show your work.
Illustrate what is the Consumer Surplus in the market. Illustrate what is the Producer Surplus in the market.
Recently, there has been substantial pressure on China from the U.S. government to allow the value of the yuan to decrease relative to the U.S. dollar. Why might the U.S. government want this change in the value of the yuan? How would such a change a..
The economy begins in long-run equilibrium. Then one day, the president appoints a new chairman of the Federal Reserve. This new chairman is well known for her view that inflation is not a major problem for an economy.
Lenny was a resident of Maine and Milly was a resident of Arizona. Both went on vacation to Nevada. When on the golf course, Lenny drove the golf car recklessly, hit Milly, breaking her back. Milly suffered damages of $84,000. a. Indicate which state..
Dane decides to give up a job earning $100,000 every year as a corporate lawyer also converts the duplex that he owns into a UFO museum had been renting the duplex for $20,000 a year.
Explain the aspects of expansionary and contractionary fiscal policy. During which phases of the business cycle would each be appropriate? What is the basic objective of monetary policy? Why is monetary policy easier to conduct than fiscal policy?
Consider the market for gasoline. Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $20.50 per hour. Statement Price Control Effect The gove..
What happens when "imperfect market information" / "asymmetric information" between buyers & sellers occurs relative to adverse selection and moral hazard?
Consider a static (one-period), closed economy with one representative consumer, one representative firm, and a government. The level of capital K and government expenditures G in the economy are both fixed exogenously. Formally define a competitive ..
An eccentric scientist invent gadget and makes huge profits. Unfortunately, he is so preoccupied with his newly found fame and fortune that he forgot to secure a patent for his special product. a. What can be expected to happen to the supply of the g..
A boiler is being considered for a new process plant. The boiler can be fired either by natural gas, fuel oil, or coal. A decision must be made on which fuel to use. An analysis of the costs shows that the installed cost, with all controls, would be ..
Explain two different effects on income distribution of taxes levied by the Australian government in the Australian economy
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