Experiment satisfies three axioms of probability

Assignment Help Microeconomics
Reference no: EM13687027

A die is loaded in such a way that number 6 is twice as probable to occur as each of the other five numbers. Show that this experiment satisfies three axioms of probability.

Reference no: EM13687027

Questions Cloud

Difference between demand and quantity demanded : Please explain the difference between demand and quantity demanded? Give an example of a change in demand and an example of a change in quantity demanded.
Dissimilarity between positive and normative economics : What is the dissimilarity between positive and normative economics? Explain the difference between the two and give an example of a normative economic question and a positive economic question.
What is closest prospective rate of return-disregard taxes : A company purchases a piece of construction equipment for rental purposes. The expected income is $3,100 annually for its useful life of 15 years. Expenses are estimated to be $355 annually. If the purchase price is $25,000 and there is no salvage va..
Distances in air travel using demand-supply and cost curves : An airline ticket costs the same from Casper, Wyoming to Denver, Colorado, and from Denver to Orlando, Florida. Does this make economic sense? Describe the rationale behind equal prices for unequal distances in air travel using demand, supply and cos..
Experiment satisfies three axioms of probability : A die is loaded in such a way that number 6 is twice as probable to occur as each of the other five numbers. Show that this experiment satisfies three axioms of probability.
Consider a closed economy that has no government : Consider a closed economy that has no government. If saving is negative, then investment should also be negative. Is it possible for investment to be negative? What might be the most plausible channel for it to be so?
What is the price of the product : A manufacturing company leases the machine for $31,000 per year. Each unit produced cost of $36.77 in labor and $60.02 in materials. To breakeven 21,000 units should be sold. What is the price of the product? Provide answer with precision to cents.
What is the cost per cubic inch of the best alternative : While studying for the engineering economy final exam, you and friends discover yourself craving a fresh pizza. You can't spare the time to pick up the pizza and must have it delivered. Pick Up Sticks offers a 1.25 inch thick (including toppings), 15..
Economically attractive as conventional gasoline fueled car : Ethanol blended with gasoline can be used to power a "flex fueled' car. One particular blend that is gaining in popularity is E 85, which is 85 percent ethanol and 1b% gasoline. E 85 is 80% cleaner burning than gasoline alone, and it reduces our depe..

Reviews

Write a Review

Microeconomics Questions & Answers

  The epa is considering new regulations to reduce mercury

The EPA is considering new regulations to reduce mercury emissions from power plants. Rank the following policies in order of how well they encourage electricity producers to innovate and design cheaper ways to reduce mercury. [Assume technolo..

  1 in a year weather can inflict storm damage to a home from

1. in a year weather can inflict storm damage to a home. from year to year the damage is random. let y be the dollar

  How can two countries both better off as result of trade

how can two countries both be better off as a result of trade? how can tariffs protect u.s. jobs? do tariffs lead to a

  Explain the concept of natural capital

Explain the concept of natural capital. Why is the World Bank concerned about protecting the natural capital of developing countries? How would you characterize the investment climate in India?

  In the market of haircuts the demand function is p100-05qd

in the market of haircuts the demand function is p100-0.5qd and the supply function is p10qs where q represents

  Write the advantages and disadvantages with the following

in business research we often will need to create measurement instruments for the variables we want to understand.

  Question about minimum wage

Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.

  Suppose there are nine sellers and nine buyers each willing

suppose there are nine sellers and nine buyers each willing to buy or sell one unit of a good with values 10 9 8 7 6 5

  Evaluate the forecast error measures

Evaluate the forecast error measures and residuals to determine if the error is acceptable or has systematic variation.  Write conclusion relative to the acceptability of the forecast.

  1domestic market demand for some good is described by p

1. domestic market demand for some good is described by p 100 - q. domestic supply is described by p 20 2q.

  Outline a microeconomic reform issue

Outline a microeconomic reform issue that is relevant to the Australian economy and how successful do you think these reform measures were and say why referring to some data or research that has been performed?

  Which of the given products and services are likely to

which of the following products and services are likely to encounter adverse selection problems golf shirts at

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd