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According to a January 2013 survey by the Pew Research Center, the percentage of Americans who trust the government in Washington has decreased steadily since Bill Clinton left office.6 Today, approximately 30% of Americans say they trust the government (always or most of the time). Suppose three Americans are selected at random. Let X be the number who trust the government.
a. Construct the probability distribution for X. Construct the corresponding probability histogram. (How do I get probability of each one?)
b. What is the probability that all three Americans trust the government?
c. What is the probability that at least one of the three trusts the government?
Roulette is a game named after a French diminutive for little wheel. In the game, players may choose to place bets on either a single number or a range of numbers, the colors red or black, or whether the number is odd or even. What is the average of ..
Supply and Demand: Suppose a survey shows an increase in illicit drug use by young people in the US. In the ensuing debate, two hypotheses for the increase are proposed: Hypothesis: Reduced police efforts have increased the availability of drugs on t..
Explain what is the relationship between poverty and crime in poor countries?
It was estimated that the own price elasticity of demand for wine of that type was -1.6. Assuming a straight line demand curve
Suppose that the market demand is given by q^d = 6500-100p and the market supply is given by q^s = 1200p.
Starting with a positive output gap where aggregate demand is at a level less than full employment, assume that the annual Real GDP growth rate is equal to 4% and the annual supply side growth rate is equal to 2.5%. Aggregate supply will grow equal t..
What is the probability of attendance between 39,000 and 45,000? e) What must the attendance be at a game, for that game's attendance to be in the top 1% of all games?
Each customer purchases their smoothie at the store where the total cost, i.e. price of smoothie plus travel cost, is the lowest.
Consider an industry with two firms (duopoly) the produce a homogenous product (same product). The two firms strategically choose their price (price is the choice variable, not quantity). Note, this is a Bertrand duopoly setting. Use your knowledge o..
Suppose that as the result of the crisis in Greece, the Euro depreciates against the US dollar. Why should you care when the US dollar strengthens relative to other currencies? Describe the ways this could impact your life and that of your friends an..
You have just graduated from college and received a job offer from a local company as a project engineer. The job pays an annual base salary of $55,000, which is paid at the end of every year. You will receive a salary increase of 4% per year, plus a..
A company has issued 10-year bonds, with a face value of $1,000,000, in $1,000 units.Interest at 8% is paid quarterly. If an investor desires to earn 12% nominal interest (compounded quarterly) on $10,000 worth of these bonds, what would the purchase..
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