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1) The probability of A is 0.50, the probability of B is 0.45, and the probability of either (i.e. P(A[B) is 0.80. What is the probability of both A and B? 2). The probability of A is 0.30, the probability of B is 0.40, and the probability of both (i.e. P(AB) is 0.20. What is the conditional probability of A given B? Are A and B independent in a probability sense? 4. A mail-order rm considers three possible events in fi lling an order: A: The wrong item is sent B: The item is lost in transit C: The item is damaged in transit Assume that A is independent of both B and C and that B and C are mutually exclusive (i.e. B and C are disjoint). The individual event probabilities are P(A) = 0:02; P(B) = 0:01 and P(C) = 0:04. Find the probability that at least one of these foul-ups occurs for a randomly chosen order. Note: think hard about how you would calculate the probability for the union of three events. That is, verify the following (a picture may help): P(A [ B [ C) = P(A) + P(B) + P(C)
1. What do you think will be the basic problem of financing Social Security in the next 25 to 30 years 2. What would be the benefits of an open, free market for human organs 3. What do you think of a recommendation to privatize Social Security
Recent increases in rents have caused the citizens of Elmville to vote for a rent ceiling of $1200. Assuming all rental units in Elmville are identical and the supply and demand for rental units are given by Qs = -1000 + 20P
Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
Internet domain names are linked to trademark issues. Technology makes it easy to copy and distribute music and movies without paying royalties. Business conducted on the internet raise security and privacy issues. What legal concerns are raised b..
Identify and describe the four sources of unemployment and the four types of unemployment. For each type of unemployment, indicate if public policy can be used to reduce the incidence of that kind of unemployment, and if so, indicate what policies..
Chamber of Commerce, and your colleague has written a position paper and asked you to proof read it. In that report, she concludes; "in 2009, the U.S. exports were $1.571 billion and imports were $1.946 billion, with a resulting trade deficit of $..
What is the quantity of households that would subscribe at a price of $0?
John Davis, a recent IE graduate from Tennessee Technological University, bought an SUV for $30,000 with a down payment of $10,000. John had a little business on the side and did not have a girlfriend when he was at school and hence he was able to..
describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
An orange goes through four major steps on its way from grove to grocery store at the Sunkist Citrus Processing Plant in the southern San Joaquin Valley: washing, waxing, grading (inspection), and packaging. The facility's production technology can b..
Assume that a hypothetical economy with an MPC of 0.75 is experiencing a severe recession. 1. By how much would government spending have to rise to shift the aggregate demand curve rightward by $50 billion 2. How large a tax cut would be needed to ac..
Use the first order conditions for profit maximisation to show that a monopolist will never produce on the inelastic portion of his demand curve.
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