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One of the fans at this game believes in the Law of Small Numbers. She has the wrong model of how likely Curry is to make a basket. Here’s how her model works. The fan imagines that there is a deck of 4 cards. When Paul is Hot, 3 of these cards say “hit” on them, and only 1 says “miss.” Every time Curry takes a shot, one of these cards is drawn randomly without replacement from the deck, and the outcome is whatever the card says. Therefore, when Curry is Hot, he always makes 3 out of every 4 shots he takes. (When the deck is used up, the 4 cards are replaced, the deck is shuffled, and the process begins again – but that isn’t important for this problem.) Similarly, when Curry is Normal or Cold, the outcome of every shot is determined by the draw of a card without replacement from a deck of 4 cards. When curry is Normal, the deck has 2 “hit” cards and 2 “miss” cards. When Curry is Cold, the deck has 1 “hit” card and 3 “miss” cards. Explain how her model corresponds to the Law of Small Numbers.
Globalization and global trade have led to increased competition in world markets and increased efficient allocation of scarce resources. Is it accurate to say that this is contributing to increased consumer surplus and reductions in inflationary pre..
Total unemployment compensation increases during recessions with no change in benefit rates.
The market for paper in a particular region in the United States is characterized by the following demand and supply curves: Calculate the output and price of paper if it is produced under competitive con- ditions and no attempt is made to monitor or..
Suppose the world price of cotton rises. The demand for labor among cotton-producing firms in Texas will (increase or decrease). The demand for labor among textile-producing firms in South Carolina for which cotton is an input will (increase or decre..
Fill in the surplus-shortage column. what is the equilibrium price in this market? what price is there neither a surplus nor a shortage? draw the supply curve and the demand curve and locate the equilibrium price and quality.
Identify some of the costs (pecuniary and non pecuniary) associated with the antitrust behavior (firms having power in the market). Additionally, note the specific antitrust act (Sherman Act, Clayton Act, etc.) under which the violation was investiga..
I think people would agree that the one most ubiquitous tool for welfare measurement in the economic literature and in economic education is the notion of total surplus. Throughout it's history, total surplus has been criticized several times and on ..
A forest stand yields a recurring timber harvest income of $15,000 that occurs every 45 years. Using a 7% interest rate, find the present value of the perpetual harvest income stream assuming that the first income occurs 45 years from now.
Stackelberg (1934) proposed a dynamic model of Duopoly in which a dominant (or leader) firm moves first and a subordinate (or follower) firm moves second. Consider a model in which firms choose quantities sequentially and then compete according to th..
q1. which types of inefficiency described in chapter 10 do you think is most economically significant in the country
Suppose South Korea imports $4 billion in goods and services, and exports $2.5 billion in goods and services. South Korea’s trade balance is ____________. This trade balance is called a ____________.
Unemployment is a more serious economic problem than inflation and it should be the focus of the Fed’s monetary policy.” Evaluate this statement and explain why the Fed’s primary policy goal is price stability.
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