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a) Calculate the mean of the following 5 numbers: 3, 7, 8, 12, 15
b) Write down any set of numbers. Calculate thier mean, and then the average deviation from the mean.
c) Prove that, for every possible sample of n observations, the average deviation from the mean is exactly zero. Is this also true for deviations from the median?
When an economist says that a currency has become stronger, he or she means that it will buy less of foreign goods. it can be exchanged for more of a foreign currency.
A hotel owner, having heard that new hotels consider to open in area, says, We have too many hotels in this town already. Statistics show that vacancy rates average 20% on any given night.
Which one, shirts or sweaters, has a demand elasticity that will allow you to increase the price, sell fewer units BUT still increase your revenues?
Find the quantity at which diminishing marginal returns set in and if the monopolist's goal is to maximize profits, and the monopolist charges all customers the same price, determine the optimal level of output.
Recognize three well-founded reasons supporting the potentially beneficial role for government intervention in the workings of private marketplace.
The NCAA prohibits schools that are caught paying athletes from participating in bowl games, and sometimes the punishment is even more severe. Explain why schools don't break away from the NCAA and form a league in which athletes can legitimately ..
Estimate the regression model (E) using the OLS estimator and provide a summary report of the result (i.e., the estimated equation with the standard errors and/or t-ratios with other relevant statistics).
A major breakthrough that allows for on-site generation of electricity for an investment in the generating capacity but after that essentially a zero variable cost of electricity.
Illustrate with a diagram and explain the short-run perfectively competitive equilibrium for both (i) the individual firm and (ii) the industry
If the production function is Q=K^.5 L^.5 and capital is fixed at 1 unit, then the average product of labor when L=36 is?
Calculate Alex's income elasticity of demand for bagels and what is the pasta sauce makers' estimate of the cross elasticity of demand for pasta sauce with respect to the price of pasta?
Draw demand, marginal revenue and marginal cost curves. Calculate and show how much this firm will sell and what they will charge. Calculate producer surplus with monopoly and the consumer surplus with monopoly. How much would be produced if this wa..
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