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Mensa in an organization whose membership requires an IQ in the top 2 percent of general population. Five hundred people are chosen randomly
a. What is the probability that no more than 4 of them will qualify for membership of Mensa?
b. What is the probability that at least 8 of them will qualify for membership to Mensa?
What are the fundamental differences between cost-benefit analysis and cost-effectiveness analysis? When is each most appropriately used? (Explain)
How is the price of health insurance measured? What happened to the price of health insurance in the United States from 1950 to 1980? What has happened since 1980? Why?
Discuss both the price elasticity of demand and the cross-price elasticity of demand conditions facing a firm in a monopolistically competitive industry. Include the role of advertising and the creation of brand loyalty.
q.a purely spirited wheat farmer can sell any wheat he grows for 20 per bushel. his 5 acres of land show diminishing
Suppose that the price of oil (and gasoline) continues to decline. According to our discussion, what impact will this have on the economies of the U.S. states?
A married couple, both engineering alums from a reputable engineering program in the East Coast has decided to set up an endowment to help an engineering scholarship at the rate of $X per year starting year 11 perpetually. If $100,000 is invested in ..
Austin, a US Crude Company engineer recommended that US Crude purchase a special tool to reduce the cost of pumping oil out of the bayous of St. Martin Parish. As a result of Austin's recommendation, US Crude purchased the tool for $300,000 on Januar..
Explain how import restrictions affect domestic producers and consumers. How are the concepts of producers’ surplus and consumers’ surplus useful in demonstrating these effects?
Background info for question below: "For all problems consider a market containing four identical firms, each of which makes an identical product. The inverse demand for this product is P = 100?Q, where P is price and Q is aggregate output. For all ..
q.assume there are 100 identical firms in an initially competitive market. market demand is given by p10-q200 and
Calculate the value of the market basket for each year given the price in the table blow. also calculate the price index for 2014 and the inflation rate for 2014. assume that the market basket consists of 150 container of yogurt 300 cups of coffee an..
a. Determine the cost to the government of buying firms' unsold units. b. Compute the lost social welfare (deadweight loss) that stemsfrom the $40 price floor.
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