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1. The following table give joint probabilities relating cell phone usage to stopping properly at intersections.
a) Compute the probability of failing to stop at an intersection, given the driver was on the cell phone.
b) Compute the probability of failing to stop at an intersection, given the driver was not using a cell phone.
c) Compute the probability of stopping properly at an intersection, given the driver was on a cell phone.
d. Are cell phone usage and failing to stop at intersections independent of each other? Why or why not?
2. Suppose you are told that E(X) = 8 and var(X) = 4. What are the expected values and variances of the following expressions? HINT: Use the properties of expected value and variance discussed in Appendix B.
a) Y = 3x + 2
b) Y = X/4
c) Y = 3x2 + 2
Describe the law of demand. Why does a demand curve slope downward? What are the determinants of demand? What happens to the demand curve when each of these determinants changes?
Provide an example of an airline or aviation firm trying to take advantage of economies of scale. Do you think they are/were successful? In what way?
Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?
As the employer who wants to reduce the production cost during the economic recession, he or she could choose to (1) lay off some workers without changing wages or (2) keep all workers but cut wages for all.
Does it appear that widgets would be a luxury good or necessity IF they sol at the perfectly competitive equilibrium (which they don't), and why?
Recent health reports indicate that calcium is asorbed better in natural forms as milk, and at the same time, the cost of milking equipment rises. Examine the probable effects on the market.
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
The fixed costs at Harley Motors are $1 million annually. The main product has revenue of $8.50 per unit and $4.25 variable cost. Find out the following.
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience.
In 1993 Mattel proposed merging Fisher value for $1.2 billion. In toy industry Mattel is a major player with 11% of the market. Fisher-Price has 4%.
Assume that a union's target is to maximize total wage income received by union workers, namely, the average union wage times the number of union workers employed.
Which of the following statements best states the demand for agricultural commodities?
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