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A certain device is used to determine the sex of an unborn baby, but the device is not very reliable. If the fetus is truly a boy, the device says BOY with probability 0:8 (but, mistakenly, GIRL with probability 0:2). If the fetus is truly a girl, the device says GIRL with probability 0:7 (but, mistakenly, BOY with probability 0:3). Mrs. Jones and Mrs. Smith both use the device. For Mrs. Jones, it says GIRL. For Mrs. Smith, it says BOY. Who can be more sure about the sex of her unborn baby, Mrs. Jones or Mrs. Smith? Justify your answer using Bayess rule.
The mean number of mall stores visited by a customer is 4.9 and the variance is 1.9. A new promotion increases the number of stores visited by 2. Calculate the variance of the number of stores visited with the promotion? Use the laws of expected valu..
Marginal Benefit. List and explain at least one example where you actually have used or will use the marginal principle in your life (personal or professional). Here is an example of how I used this principle. I considered pursuing my doctorate degre..
Which of the following is likely to make demand more elastic with respect to price? Angela consumes only two goods, x and y. Her income doubles and the prices of the two goods remain unchanged. Assuming that she is a utility maximizer and likes both ..
Question 1: The Toronto Blue Jays raises ticket prices from $100 to $120 per seat and experience a decline in ticket sales from 12000 to 10000 per game.
Create a model showing the effects of a Price Floor.
What is the net social benefit resulting from the police surveillance program (Hints: specify who would you give standings in your analysis.)
Design an algorithm that will acceptthe cost of a building and calculateand displaythe architect's fee
Imagine you're in a meeting where you have to pitch the brand called you in 15-20 or more words. What you are going to say?
What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2? What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12? Use t..
Suppose that the total revenue received by a company selling basketballs is $840 when the price is set at $30 per basketball and $840 when the price is set at $20 per basketball. Without using the midpoint formula, identify whether demand is elastic,..
Principles of Economics: ECON11026 - Determine the profit- maximizing level of output and plot on the graph - Explain with reasoning as to why the governments
Why may yield be different between apartments and houses in the same street and at the same moment in time?
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