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Lean Burger's drive through receives 20 customers in every ten minutes of business time between 12:00 - 1:00 PM during this time of day in 10 minutes of operation:
a. Illustrate the probability that no customer arrives?
b. Illustrate the probability that only 1 customer arrives?
c. Illustrate the probability that 2 customers arrive?
d. Illustrate the probability that 3 customers arrive?
e. Illustrate the probability that less than 4 customers arrive?
f. Illustrate the probability that more than 4 customers arrive?
Using this demand function, find the total revenue function. What is the shape of the total revenue function.
What is the deadweight loss if buyers, instead of vendors, are required to pay the tax of $4 for each unit of the good sold.
Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage.
What is the difference between a production function and an quant. Explain the law of variable proportions with the help of quant.
The United States is experiencing a recession and Congress decides to adopt an expansionary fiscal policy to stimulate the economy.
For the industry you have chosen, discuss how price moves from today to the future.
The difference between the cost to produce the CDs and the price you paid for them spending $30 on two new CDs spending $30 on dinner and a movie with your friends.
Suppose that the market for wheat is characterized by the following demand and supply relationships.
DHL prides itself on having its own staff of more than 300,000 people spread across the globe, instead of relying on local agents.
Suppose that these cost figures accurately refl ect the economic costs of providing inpatient services at these two hospitals and that the two hospitals face the same average total cost curve.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
If Frank's salary as a sales manager was $70,000 instead of $100,000 would your answer be different.
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