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Just prior to a professional baseball spring training session, you are asked to assess the probability that a particular baseball team will win the coming World Series.
a. How would you go about making this assessment? In what sense is this assessment subjective?
b. If you knew nothing about baseball, what would be the appropriate probability assessment or distribution?
c. As an avid fan, how would you adjust this “naïve” assessment? How would your assessment change day by day as the season progressed?
Can you offer another reason why the New Jersey dealer might not have wished to follow a no-haggling policy.
Which of the two units would you recommend ? What initial cost of machine A woul make the two machines identical in overal cost?
Compare and contrast two events motivated by incentives, one where the self-interested behavior was good for society and the other where it was bad.
Elucidate its advantages and disadvantages and suggest appropriate policy prescriptions to deal with the potential shortcomings.
There are two kinds of expenses we need to look at here: capital and operational. Do a little research and explain what these things are. Now, what will the capital expense be for the ASRS(Automated storage and retrieval systems) ?
A firm has developed a new product for which it has a registered trademark.
Sketch graph a standard short-run production function, and identify on it the points where the average product peaks, the marginal product peaks, and the marginal product reaches zero, and the average and marginal product intersect.
In December 1992, the government began requiring that food contain labels with nutritional information. The information had to be verified by independent laboratories. The price of verification was $20,000 per food item. What impact would this have o..
Suppose that the U.S. government decides to levy a tax (such as an excise tax) on cola consumers. Before the tax, 20,000 cases of cola were sold every week at a price of $8 per case. after the teax,
Explain by how much will aggregate demand at current prices shift initially (before multiplier effects) with a$70 billion increase in government purchases.
Suppose that the annual federal deficit is $350 billion. Gross Domestic Product 'GDP', a measure of the size of the economy is $14.5 trillion ($14,500 billion). Calculate the ratio between the deficit and GDP as a percentage rounded to one decimal pl..
A long the long-run supply curve of an increasing-cost industry that is characterized by perfect competition, all of the following can vary except. For the case of an increasing-cost industry, supply is
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