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An insurance agency sells auto and home insurance policies and has 1000 clients. The data below show the distribution of the clients. 300 clients purchase only auto insurance policies 500 clients purchase both, auto AND home insurance policies 200 clients purchase only home insurance policies.
What is the probability that a randomly selected client purchases ONLY home insurance from this agency?
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. Are Carl's preferences monotonic? How do you know?
A firm purchased a pump and motor for $1925 installed. It was later discovered that the pump had been improperly selected for the required head and discharge. As a result, the power bill for operating the pump was $900 for a year. The firm uses a min..
Explain the purpose of an agreement template and why a written agreement best serves to generate commitment to the agreement
We grow wheat that sells for $40,000. The wheat is milled into flour that sells for $55,000. The flour is used to bake bread that sells to consumers for $90,000. Typically, a period where GDP is falling for at least 6 months is considered to be:
Assume that Bob is only purchasing two products G and W. The market price of G is $25 and of W is $20. By spending all of his budgeted amount on these two items, he is maximizing utility and receiving 100 utilities from the last unit of G and 80 util..
The Keynesian model and the AD/AS model are similar in many ways and different in many ways. Show, in a few diagrams, how the slope of the AS curve affects the accuracy of the Keynesian model’s predictions about the results of an increase in autonomo..
If marginal cost is rising in a competitive firm's short-run production process and its average variable cost is falling as output is increased, then: A. average fixed cost is constant. B. marginal cost is below average variable cost. C. marginal cos..
Explain whether the demand for following goods is relatively elastic or relatively inelastic:
Respond to each of the following questions in 150-200 words each covering the economic topics and concepts described in chapter 9 and 10 of the text, Essentials of Health Economics.
American (domestic) current event, firm, or market. Foreign (outside of the U.S.) current event, firm, or market. Favorite Case Study from the Modules Forum. How has this course changed your thinking about the economy & your own economic approach t..
The banking system currently has $100 billion of reserves, none of which are excess. People hold only deposits and no currency, and the reserve requirement is 40%. If the Fed reduces the reserve requirement to 20% and at the same time sells $10 billi..
Explain how making coupons for a bakery available on a mobile phone can help increase sales through this new marketing available on smart phones.
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