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(a) A fair coin is tossed repeatedly and independently until two consecutive heads or two consecutive tails appear. Find the PMF, the expected value, and the variance of the number of tosses.
(b) Assume now that the coin is tossed until we obtain a tail that is immediately preceded by a head. Find the PMF and the expected value of the number of tosses.
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This task provides a clear working example of probability mass function. The experiment uses flipping a coin until consecutive head or tail turns up. This experiment is an example of discrete probability distribution and therefore, random walk concept using markov chain should be applied.
Fast Food. Wendy's recently changed the price of their classic Single burger from $1.39 to $1.49. Sales went from 497/day to 366/day. Across the street, the Bojangles chicken sandwich maintained its price of $1.99
How many units will the consumer buy in total?
suppose the economy is in equilibrium and the equilibrium real GDP is 1500 billions. Suppose further that the MCP is 0,8 if the government wants to increase the real GDP to 2000 billions , by how much should the government increase /decrease.
To prevent inflation, the Bank of Canada should follow Teddy Roosevelts advice: Speak softly and carry a big stick.
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Under patent protection, a firm has a monopoly in the production of a high-tech component. Market demand is estimated to be: P = 100 - 0.2Q. The firm's economic costs are given by: AC = MC = $60 per component.
What role do financial markets play in the economy?
Consider all facts given and rewrite the auditor's report in acceptable and complete format incorporating any necessary departures form the standard unqualified report.
Demand estimation for brand-name consumer products is made difficult by the fact that managers must rely on proprietary data. There is simply not enough publicly available data, which can be used to estimate demand elasticity for brand-name produc..
Assume oil is an exhaustible resource supplied competitively by many small suppliers. The interest rate is 5% per year. Assume the price in the year 2011 is $40 per barrel, extraction costs are $10 per barrel, constant over time in nominal terms.
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Assume each country commits half its labor to each product in the absence of trade, and designate that point in your graph. Now describe a new production plan, with trade, that can benefit both countries.
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