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Suppose that a grocery store buys milk for $2.10 and sells it for $2.60. If the milk gets old then the grocery store can sell their unsold milk back to their wholesaler for $0.60 (so the grocery store loses $1.50 on each gallon that it has to sell back to the wholesaler). Suppose that the demand for milk is normally distributed with a mean of 2500 gallons per week and a standard deviation of 400 gallons per week. The grocery store needs to decide how much milk to order. They decide that they want to order an amount of milk such that their expected profit on the last gallon sold is 0. Therefore, if p denotes the probability of selling a gallon of milk (notice that the probability of selling a gallon of milk is related to the number of gallons of milk because the demand for milk is normally distributed) then the expected profit is p (.50) + (1-p) (-1.50). If we set this equal to 0 and solve for p then we get p = .75. Therefore, if the grocery store's goal is to maximize its expected profit then they should order an amount of milk such that the probability of selling that amount of milk (or more) is 75%. How many gallons of milk should the store order?
Can democracy survive if a majority of the citizenry pays little or nothing in taxes while benefiting directly from a higher level of government spending? Why or why not?
occupation segregation by sex
calculation of GDP
how to calculate it
Firm effects are more important the industry effects. What does this mean? Can you think of situations where this might not be true?
Question 1: Discuss the alternative theories of the demand for money and their relevance in specifying a demand for money function for a small island developing economy like
An economy shows the following features C=50+0.9(Y-T) T=100 I=100-5i G=100 L=0.2Y-10i M/P=100 X=20 M=10+0.1Y a)Obtain the IS and LM for this economy b)Find out the equilibrium inc
what happened to the equilibrium price level in Japan during the early 2000s? How did Japan''s equilibrium price level adjust between the middle of 2008 and early 2010?
distnguish betweenNational income at market price and National Income at factor cost, explain the importance of the distinction
when the income velocity of circulation (V) rises, why does the economy''s total output must rise?
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