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Based on many years of experience, a lecturer in ECON241 has determined that the probability distribution function of X, the number of students absent in the Tuesday morning lecture, is as follows:
1. Find the probability that on a given Tuesday either 20, 30 or 40 students will be absent.
2. Find the probability that on a given Tuesday more than 30 students will be absent.
3. Compute the expected value of X
4. Compute the variance of X
5. Compute the expected value of Y = 7X+30
6. Compute the variance of Y = 7X+30
Yolanda owns an art factory in Palermo, Italy. She is thinking of expanding her exports of large-size paintings of Italian cityscapes. She has had little difficulty recruiting new artists to Palermo to work a 40-hour week in the factory.
A firm that sells e-books – books in digital form downloadable from the Internet – sells all e-books relating to do-it-yourself topics home plumbing, gardening, and so on at the same price.
Over the past few decades, East Asian economies have increased their share of world GDP. Similarly, intra-East Asian trade-that is, trade among East Asians nations-has grown as a share of world trade. More than that, East Asian countries do an in..
Suppose the firms compete by simultaneously choosing price and fine the best response function of each firm as a function of the other firm's price. Compute the equilibrium price and quantity for each firm.
What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City?
A study of costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: 16AVC = 1.24 + .0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2
Explain whether each of the following is an example of a macroeconomic concern or a microeconomic concern.
quotas - quantitative problems1. in the u.s. daily supply and demand for a particular good are given by the equationsqs
Employ an isoquant and isocost diagram and words to show how firms will respond to the decrease in the wage rate. Be sure to identify the short run scale effect and the long run substitution effect.
Explain the relationship between Cola Magic and Lemon Heaven Soda and explain what affect a 10% increase in the income of the targetmarket would be on the demand for the Cola Magic?
Construct a table showing the (net) marginal revenue product derived from assembly worker employment and how many assemblers would Just Bikes employ at a daily wage rate of $100? Explain your answer and show all calculations.
"Oligopolies have a negative impact on income distribution." Do you agree or disagree? Provide justification for our response.
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