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Suppose you will be shown three prizes in order. You know absolutely nothing about how valuable the prizes might be; only after viewing all three can you determine which one you like best. You are shown the prizes in order and are allowed to select one. However, there is no going back. You must select a prize immediately after seeing it, before seeing any subsequent prize.
a. Your sole objective is to obtain the best of the three prizes. (Second best does not count.) A random selection provides a one-third chance of getting the best prize. Find a strategy that provides a greater chance.
b. What if there are a large number of prizes (say, 10, 50, or 100)? Describe in general terms the kind of strategy that would maximize your chances of obtaining the best prize. (Do not try to compute an exact answer.)
Farmer Bean is selling green beans in a purely competitive market. His output is $1,400 units, of which each has a marginal revenue of $2.50. What is his average revenue?
Consider a market characterized by the following inverse demand and inverse supply functions: Inverse Demand: P = 10 - 2Qd Inverse Supply: P = 2 + 2Qs. Find the equilibrium price and quantity in this market.
Suppose that the demand for soft drinks is price elastic and the supply is price inelastic. If the government imposes a sales tax on soft drinks, which of the following will occur?
What are the four supply factors of economic growth? What is the demand factor? What is the efficiency factor?
use a graphical illustration to describe briefly what the influence of each of the following would be on the market
a firm must raise 10 million dollars in funding for a capital investment project. 2 million will be raised by issuing
The rate of growth in the productivity of capital is one percent, the rate of growth of capital is two percent, the rate of growth of labor is one percent, and the rate of growth in the productivity of labor is three percent from this we know that
Assume that a firm uses labor and capital to produce a product. The firm hires labor at a wage rate of $4 per unit and rents capital at $5 per unit. At its current output level, the marginal physical products of labor and capital are 20 and 30 units,..
What type of externalities arise from driving automobiles fueled by gasoline and what is your view on whether the United States should raise the gas tax to the European level and why?
Define a dummy variable equal to 1 for years after 1979. Include this dummy in equation (10.15) to see if there is a shift in the interest rate equation after 1979. what do you conclude ?
From the e-Activity, determine the environmental variable most likely to affect the short-run production over the next 12 months. Determine what managers can do to prepare for the possible change in short-run production.
Through the energy crisis of the 1970s, and again in the last five years, Congress bemoaned the “price gouging” and “windfall” profits of the major oil companies. In the 1970s Congress imposed an “excess profits tax” on these companies. It did not do..
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