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Consider a class with N students. Calculate the following probabilities: (it may help to answer the question for N = 2 initially, and work your way up. Also assume that there are 365 days in the year) (a) What is the probability that every one in the class has a birthday on January 1st. (b) What is the probability that everyone in the class has the same birthday. (c) What is the probability that for each of the ?rst N ≤ 365 days of the year, exactly one student has a birthday on that day. (d) What is the probability that you have a birthday on one of the ?rst N ≤ 365 days of the year (e) Assuming you are in the class, what is the probability that another student has the same birthday as you?
Suppose the demand for wheat increased dramatically between 1950 and 2000 but the equilibrium quantity increased only slightly. Absent any other changes, what could explain the small increase in the equilibrium? The equilibrium quantity of wheat coul..
The real interest rate is 4 percent, and the nominal interest rate is 6 percent. What is the anticipated rate of inflation?
Explain Von Thunen’s theory of differential rent based on accessibility. Consider the basic case of a single agricultural good. Be sure to make clear the key assumptions and major results. Go on to explain how the model works when there are two agric..
Suppose that a carbon tax is imposed and electric cars become common. What will the combined impact be on the equilibrium price and quantity of gasoline? Explain your reasoning and show graphically. Remember quantity falls, but change in price is ind..
what happened to real output? by how much would the price index have had to rise for real income to remain constant?
The Great Depression era was characterized by the following occurrences. There were runs on banks in which the non-bank public's (i.e. non-bank businesses' and households') loss of confidence in banks led them to withdrew large amounts of cash from t..
Explain the statement: "Fixed costs exist only in the short run. In the long run there are no fixed costs." Why might the time frame for the "short run" differ from one industry to the next? Provide examples of two industries with different time fram..
Find the demand for L and R. (Hint: Use your result from part 3 and the budget constraint.) Now assume that the price of right shoes increases. What will be the substitu- tion eect from this price change? Explain.
q1. 1. at point e in figure 8.4b is mp kr greater or less than mp lw? 2. explain how do you know? 3. use this
Read the case "Federal Indebtedness is Much Higher Than the Net Public Debt" on page 313 and discuss the following issue: How could the federal government try to reduce its entitlement indebtedness (the difference between entitlement program spending..
What are the short run and long run effects of a one-time increase in the stock of labor (because of, for example, a particularly large cohort of college graduates joining the labor force)?
Coca-Cola and PepsiCo are the leading competitors in the market for cola products. In 1960 Coca-Cola introduced Sprite, which today is the worldwide leader in the lemon-lime soft drink market and ranks fourth among all soft drinks worldwide. Diagram ..
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