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Question: A firm is negotiating with a local club to supply materials for a party. The firm's manager expects to sell 100 large bags of pretzels for $3 each or 300 for $2 each; these two outcomes are judged to be equally likely. The expected number of bags sold is 200 = (100 + 300)/2, and expected price is $2:50 = ($3 + $2)/2. The manager then calculates expected revenue as the expected number sold times the expected price: E(Revenue) = 200($2:50) = $500. What is wrong with the manager's calculation?
in a competitive market the market demand is qd 400 - 5p and the market supply is qs 10p - 80. a price ceiling of 32
The loan office of the bank has just called Ms. Firth to mention another financing possibility-the graduated payment mortgage. Terms, interest rates, and fees are the same as a normal mortgage. However, by lowering the payments in the early years,..
Suppose that an industry cartel wishes to keep a new entrant out of an industry. Cartel members can conduct "predatory pricing", where the cartel lowers its price until the entrant leaves, after which it returns it price to the cartel's optimal (m..
Many people do not "like" or "trust" single point estimates for things they need measured. Looking back at the data examples you have provided in the previous discussion questions on this issue, how might adding confidence intervals help manage..
Who is hurt and who is helped by an increase in the legal minimum wage? Under what circumstances might a higher minimum not reduce employment?
Construct the payoff matrix. What is the non-cooperative (Nash) equilibrium for this game? Explain how you have arrived at this answer.
discuss how you would convince businesses to increase exports and how you would put an ad campaign together directed at
Money is still useful during times of inflation because, the opportunity cost of holding a dollar is, The money supply is
How does the study of economics depend upon the p How does the study of economics depend upon the phenomenon of scarcity?henomenon of scarcity?
What would you recommend the electronics company do
Suppose there are two factories that are currently emitting some undesirable pollutant into the air. Factory one has marginal abatement cost of MAC1 = 500 - 5e1 and factory two has marginal abatement cost of MAC2 = 1500 - 15e2, where e represents the..
Which of the following are examples of automatic stabilizers? Check all that apply.
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