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The time it takes a worker on an assembly line to doo a task is exponentially distributed with a mean of 10 minutes. Please answer the following questions and write out every step in order:
a. What is the probability density function for the time it takes to doo the task?
b. What is the probability that it will take a worker less than 5 minutes to doo the task?
c. What is the probability that it will take a worker between 6 and 12 minutes to doo the task?
A news article in the Edmonton Journal on December 2014 stated that, “The province is looking at cutting 70 of the Alberta Law Enforcement Response Team’s 280 positions to save money.” Explain the basic idea behind using a statistical instrument (or ..
Suppose there are two commodities, food, c, and work, L. Food is a "good" and work is a "bad".The prevailing prices of c and L are, Pc= $1/unit and w = -$10/hr. (the price of consuming another unit of L is -$10/hr) Suppose you can work no more than 2..
Explain the market for physician services as a monopolistically competitive market (rather than a purely competitive or a purely monopolistic market). How does the price in such a market compare with the two “extreme” cases of pure competition or pur..
The cost to a cinema owner of letting someone see a movie for free is
What is the meaning of standard deviation? And within 2 standard deviation, what percentage fall in?
What is the difference between fiscal and monetary policy? Please also explain the pros and cons of each policy.
Which of the following is not a "resourcing" option for a domestic firm?
In a competitive industry the market-determined price is $12. A firm is currently producing 50 units of output, average total cost is $10, marginal cost is $15, and average variable cost is $7. In order to maximize profit, the firm should
Investigate the Glass-Steagall Act. Explain its importance. Why do some economists argue that the replacement of the Glass-Steagall rules in 1999 caused the Great Recession of 2007-2008?
If the required reserve ratio ia 10 percent, up to illustrate what amount could checking account deposits in the banking system as a whole drop.
Do you think that all professional sports should share baseball's exemption from antitrust laws or that baseball should lose its exemption?
Consider a market where supply and demand are given by QXS = -10 + PX and QXd = 71 - 2PX. Suppose the government imposes a price floor of $33, and agrees to purchase any and all units consumers do not buy at the floor price of $33 per unit. Determine..
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