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The time required to verify and fill a common prescription at a neighborhood pharmacy is normally distributed with a mean of 10 minutes and a standard deviation of 3 minutes. What is the probability that a customer will have to wait more than 15 minutes for her prescription to be verified and filled?
Suppose the firm has a production function of the form f(k,l,m)=(klm)^1/4 and faces input prices (1,2,8) for (k,l,m) respectively. What is the firm's cost function? What is their supply function? How much capital k does the firm use to produce q=4?
What effect would this have on the strategic learning equilibrium. In particular, might the incentives for strategic learning disappear?
"The Coase Theorem" Prepare a 2-3 page paper using APA format discussing how the Coase Theorem provides an alternative to government regulation and provision of services. How is the definition of private property a critical part of this analysis?
q1. suppose that there are two products soda along with clothing. both brazil and the united states produce each
The Rustin Transportation Planning Board estimates the cost of upgrading a 4-mile section of 4-lane highway from public use to toll road to be $41 million now. Resurfacing and other maintenance will cost $820,000 every 4 years. A toll road would requ..
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4.
Should the firm produce? The firm should produce as long as the market price >= Average Variable Cost (AVC).
Over the last decade, several firms have entered this industry and, as a consequence, Forey is earning a return on investment that roughly equals the interest rate.which market structure best characterizes the industry
What happens when there is a surplus of imports brought into the U.S.? Cite a specific example of a product with an import surplus, and the impact that has on the U.S. businesses and consumers involved.
Suppose that your production facility can only produce 1,000,000 pills per year. Illustrate what is your optimal price and quantity given the production constraint.
Elucidate each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.
What is brand loyalty? Name three products each for which you have (a) high brand loyalty and (b) low brand loyalty and explain why for each of the six products.
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