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The process of being served at a bank consists of two parts—the time waiting in line and the time it takes to be served by the teller. Suppose that the time waiting in line (X) has an expected value of 3.25 minutes, with a standard deviation of 1.06 minutes, the time it takes to be served by the teller (Y) has an expected value of 6.1003865 minutes, with a standard deviation of 1.98 minutes, and the correlation coefficient between the time waiting in line and the time it takes to be served is 0.55. What is the standard deviation of the total time (X+Y) it takes to be served at the bank?
Assume that in year 1 an economy produces 1000 units of output and they sell for $100 a unit, on average. In year 2, the economy produces the same 1000 units of output, and sells it for $110 a unit, on average. Use year 1 prices to calculate real GDP..
In granting (or prohibiting) proposed acquisitions or mergers in an industry, government regulators consider a number of factors, including the acquisition’s effect on concentration, ease of entry into the market, extent of ongoing price competition,..
q1. choose a real-life example of a firm that you think is part of an oligopoly market and describe the characteristics
Briefly discuss China’s journey on its economic achievement from pre-independent until today.
Why might bad cars drive good cars out of the used-car market. Give at least two possible solutions to resolve this paradox.
Tracy is a marketing manager at humbert and humbert literary works. She has estimated that the likely demand for a new novel is well represented by equations Qd=10,000- 400(p) +10,000 x D + A/10. Qd is the number of books sold.
An L – shaped structure can be built for the service contemplated at a cost of $180,000, but an addition to this building will be necessary for storage, fifteen (15) years hence, at a cost of $100,000. A T-shaped structure can be built at the present..
What is the policy of import substitution? Has this policy worked for the developing countries? If not, what are the problems of this policy? Mention any two benefits of export promotion policy.
Why would the gov't want to limit gas price increases? Isn't that exactly what we want to happen (price increases), to allocate scarce resources? Is the gov't in the 'price control' business, and if they are, how does this work, in free-market capita..
Has war always been a propulsive force for economics? How about World War I? How about winners versus losers? How about England, which was on the winning side of World War II? If post-war demand was so important in getting the boom going, why isn’t t..
What would happen to the Production Possibility Frontier over time? How would invention and technological improvement modify your answer?
What is the short run average cost of producing 20,000 units?
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