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A random variable X is defined to be the difference between the higher value and the lower value when two dice are thrown. If they have the same value, X is defined to be 0. Find the probability distribution for X.
c.In order to enhance total revenue from selling oranges, would you recommend a decrease in price of oranges Why d. Calculate price elasticity of revenue; e.What would be the effect of a 3% increase in price of oranges on total revenue
Suppose a consumer has wealth w and is considering investing some amount,x,in risky asset.This asset can earn a return of Rg(which is positive return and therefore a good outcome or Rb
Suppose demand for HP printers is estimated to be Q = 1000 - 5p + 10pX - 2pZ + 0.1Y. If p = 80, pX = 50, pZ = 150, and Y = 20,000; answer the following: a) What is the price elasticity of demand for HP printers
What is driving the real price of gold? Conduct an analysis of demand and supply shocks in the gold market. Need 20 bullet points along with data and its source
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.
Jason's utility from consuming apricots and bananas is given byU(a,b)=2a+3b. Suppose Jason will spend $10 on fruit. If the pricesare pA=1 and pB=2, what is his optimal consumption of apricots and bananas
According to rational expectations theory, how will this policy affect the Fed's ability to move the real economy (e.g., the unemployment rate)?
You are a division manager at Toyota. If your Marketing department estimates that the semiannual demand for the Highlander is Q = 100,000 - 1.25P, what price should you charge in order to maximize revenues from sales of the Highlander
Suppose the demand for Cardinal's World Series tickets is Qd = 48, 061 ? 2.4P (for the purposes of this problem, we will suppose that fans do not care where they sit). The Cardinals play at Busch Stadium, which has a seating capacity of 46,861. Th..
What total output must the cartel produce in order to maintain this price and what output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?
You are appointed secretary of the treasury of a recently independent country called Rugaria. The currency of Rugaria is the lav. The new nation began fiscal operations this year and the budget situation is that the government will spend 10 millio..
Label the axes, show the units and draw the demand curve as accurately as possible. b. If the wage rate for packers is $7.50 an hour, how many labors will Solander Fiji employ? Explain your answer.
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