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Bob goes to a party, wearing a hat that fits him well. At the end of the party, Bob picks up a hat, without looking at it. He knows that the hat he has picked is his own with probability p. As a first check to see if he has picked up his own hat, he tries the hat, and if it fits, he decides that it is his own hat.
However, even if the hat picked by Bob is not his own, it is still possible that it fits with probability q. Given that Bob picked a hat that fits him, what is the probability that he is correct in deciding that the hat is indeed his own?
If a firm in a competitive labor market offers less than the market wage rate, it will:
Suppose both product and factor markets are competitive, why is the labour demand curve downward sloping? Professors, lawyers and doctors receive similar amounts of education, why are professors paid less than lawyers and doctors? Why do we say that ..
Consider an exchange economy with two prominent leaders: Romney and Bernanke. Each get utility from destroying jobs, J; and from power, P. What are the market supply functions for power and jobs? What is the income of both, expressed as a function o..
He drove this car until 2003 when he bought a Honda Civic for $18,000. If the price index in 1969 was 36.7 and the price index in 2006 was 180, Illustrate what is the price of the Dodge Dart in 2006 dollars.
The marginal utility for consuming cake (MUC) is 28 and the marginal utility for consuming beer (MUB) is 12. The price of cake (Pc) is $7 and the price for beer (PB) is $4. Find the marginal utility per dollar spent for cake and for beer. What does m..
Assume that you save 1 penny a day for 50 years, that you deposit it in the bank at the end of each month, and that there are 30.5 days per month
Additionally, how would this impact the asymmetric information and government policy on this purchase?
What experience do you have with assessments? Which form of assessments do you consider most helpful in evaluating the learning status of learners?
Suppose there are two types of consumers of a public good. There are 5 consumers with demand Q = 60 − p and 10 other consumers with demand Q = 100 − p. Assume that the marginal cost of the public good is equal to 200. What is the competitive market e..
Calculate the appropriate test statistic. Round your test statistic to 1 decimal place.
Alter Bridge Mfg., Inc., is currently operating at only 92 percent of fixed asset capacity. Current sales are $640,000. Fixed assets are $490,000 and sales are projected to grow to $730,000. How much in new fixed assets are required to support this g..
Show that S = the sum of xi from i=1 to n is a sufficient statistic for beta using the definition of a sufficient statistic
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