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There are two related variables, noise (equals either quiet or loud) and intoxication (equals drunk or sober). P(drunk)=.25, P(loud)=.4. You know that if someone is drunk, then the probability of them being loud is .9. Use Bayes’s Rule to calculate P(drunk|loud). Check your work by filling out a probability table and doing the same calculation.
because industry x is characterized by perfect competition every firm is earning zero economic profit. if the product
Presume demand and supply are given by Qd = 50 - P and Qs = 0.5P - 10. What are the equilibrium quantity and price in this market? Decide the quantity supplied, the quantity demanded and the magnitude of the surplus if a price floor of $48 is imposed..
if the u.s dollar were to appreciate substantially what steps could a domestic manufacture like cummins engine co. of
1. (1) Let y(t) be a time series with a constant mean E(y(t))=m. Show that the sample mean is an unbiased estimator for m.
Which of the following methods is used by unions to increase the demand for the labor of its members? what is an agreement between a manufacturer and a distributor on the price at which a product will be resold.
a new production technology for making vitamins is invented by a college professor who decides not to patent it. thus
What is the new profit maximizing output level and how many workers are hired at this level
The US goverment offers significant per-unit subsiy payments to US sugar growers. Describe the effects of the introduction of such subsidies on the market of sugar and the market of artificial sweeteners.
A flood control project with a life of 18 years will need an investment of $200,000 and annual maintenance costs of $15,000. The project will provide no benefits for the first two years however will save $80,000 per year in flood damage starting in t..
Efficiency can mean many things to many people. Even in economics, there are different types of efficiency. Here we are discussing productive efficiency. An economy is productively efficient whenever it is producing the maximum output with given t..
If the jeans sell for $35 a pair and the competitive market wage is $250 per week. how many workers should stone hire? how may pairs of jeans will the company produce each week
businesses large and small now compete in a truly global economy. to be successful in another country it is essential
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