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Assume there are 19 homes in the Quail Creek area and 10 of them have a security system. Five homes are selected at random:
1) What is the probability all five of the selected homes have a security system? (Round your answer to 4 decimal places.)
2) What is the probability none of the five selected homes has a security system? (Round your answer to 4 decimal places.)
A: 0.0108
3) What is the probability at least one of the selected homes has a security system? (Round your answer to 4 decimal places.)
4) Are the events dependent, joint, or independent?
A special purpose machine can be purchased for $90,000. The operating & maintenance expenses for each of the next five years and the market value at the end of each of the next five years are shown below. If the MARR is 15% per year compounded yearly..
Suppose that the total revenue function of a firm is given by TR(q) = 120q - 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total revenue. Also, compute the maximum amount of total revenue received by t..
The financial crisis of 2007–2008 generated much introspection about what went wrong and how to prevent anything like it from happening again. What could have been done differently and why?
Show diagrammatically and algebraically cases of unitary elasticity, as discussed in class. Connect these with pertinent examples involving products and services.
Economists note that in the US the Government's monthly data on inflation and unemployment "overstates" the inflation rate (i.e. reports inflation higher that what it rcaUy is) and "understates" the unemployment rate (i.e., reports unemployment lower..
You are considering entering a market serviced by a monopolist. You currently earn $0 economic profits, while the monopolist earns $5. If you enter the market and the monopolist engages in a price war, you will lose $5 and the monopolist will earn $1..
What is the significancee of this opportunity cost to the search for better technology to reduce pollution?
Assume that in the short-run, wages and prices are flexible enough to adjust, that at full employment, firms and workers are able to negotiate lower nominal wages, which will shift the short run aggregate supply rightward. Also, keep in mind that the..
There are estimates that as many as 4,000 pizzerias open every year in the U.S. and just as many close. Why does this continue to happen? Provide an example.
How do the Minsky and Austrian explanations for the causes of the Great Recession differ? Explain how the proponents of government stimulus believe that it will affect aggregate demand and employment (be specific!). How might government stimulus poss..
Suppose a country has a population of 61 million, of which 37 million are in the working-age population. Of those, 11 million are not in the labor force and 23 million are employed. The labor-force participation rate is
When gasoline prices spike, producers consider using oil fields that once had been passed over because of the high costs of extracting oil. In a figure, show what this statement implies about the shape of the oil extraction cost function.
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