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A lock on a bank vault consists of three dials, each with 30 positions. In order for the vault to open, each of the three dials must be in the correct position.
a. How many different possible dial combinations are there for this lock?
b. What is the probability that if you randomly select a posi- tion on each dial, you will be able to open the bank vault?
c. Explain why "dial combinations" are not mathematical combinations expressed?
Think a country that initially consumes one hundred pairs of shoes per hour, all of which are imported. The value of shoes is $40 per pair before a ban on importing them is imposed.
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Hypothetically, if Apple and Samsung decided to collude, instead of suing and counter-suing each other, what would the equilibrium prices and quantities be? Assuming each firm keeps the profit from its own market, what are these profits?
What are the monopolist's profit-maximizing output and price and what is the resulting deadweight loss relative to the competitive outcome?
First, identify and describe the three basic questions that all economies must answer. Write a thorough paragraph for each of the three basic questions and be sure to explain how any of these questions relate to demand, scarcity, technology, the d..
Assume a simplified banking system in which all banks are subject to a uniform reserve requirement of 20 percent and checkable deposits are the only from of money. A bank that received a new checkable deposit of $10,000 would be able to extend new..
The President of US is suggesting increased spending for a missile defense system and also proposing a major long term tax cut. Provide some predictions of possible outcomes for the federal budget categories,
His strategy to acquire companies in different lines of business based on the requirement that each business in GE was to become the #1 or #2 competitors in the industry is touted as being particularly brilliant.
How would a downward change in the money supply affect you personally How would it affect your career What impact would rational expectations have on your decisions in this situation
Using the ideas of marginal costs and marginal revenues, describe why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if price is above or below the profit maximizing price.
Professor Michael Porters generic strategy options for competing are the differentiation approach and cost leadership approach. The first involves competing by having the better product and second by having lower cost that ones competitors. Relate..
The total relevant cost of holding inventory in a plant for purchased materials is given, TRC = (6000/Q)(60) PLUS 0.30(12)(Q/2) PLUS 6000(12) WHERE Q IS THE ECONOMIC ORDER QUANTITY.
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