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A patient goes under the knife and will either die right after surgery, survive for 1 year, or survive for 2 more years. Assume that the probability of surviving for a year is 60% and surviving for 2 years in 30%,
Suppose each of the five sellers can supply at most one unit of the good. Elucidate the price when market quantity supplied is exactly 3.
Demand for sporting events is uncertain, and depends on the quality of the match, as well as on unpredictable events, like the weather. Elucidate how would you price these two events differently.
Artsy T-Shirts sells 100,000 shirts a year, priced at $14 each. The company can produce any number of shirts at a constant cost of $10 each. It is considering expanding its sales by lowering the price to $12. What minimum increase in sales would be n..
What were the total revenue of Harvey's firm in the first year? The explicit costs of Harvey's firm in first year? The implicit costs of Harvey's firm in the first year?
It was top news a week ago that Bank of Ukraine increased its rate to 30%. And the news said they did this to fight inflation. But I don't understand one thing: isn't the increased rate of "money printing" of the central bank only aggravates the prob..
A monopolist faces a price function given by P = z(36 - 2Q), where P is price, Q is total output and z is the quality of product sold, which can take on only two values. The monopolist can choose between a low quality product z = 1 or a high-quality ..
When a monopoly firm is operating in a range of output where total revenue is increasing as output increases, then marginal revenue
What is an innovation economy? How does it differ from a traditional manufacturing economy?
Explain, with the use of demand and supply diagrams, the impact on equilibrium price and quantity of membership to health clubs from the simultaneous impact of an effective advertising campaign by the National Health Council and the reduction of comp..
Assuming that each choice results in the same production costs once installed, under what choice is the firm likely to encounter a greater likelihood that its competitors will also expand their capacities?
Which of the following is the most fundamental assumption in economics?
Suppose you are given the following Total Product Function: ,where Q=100K ^ 3/2 L ^ 4/2 M ^ 4/7 is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Find the Average products..
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