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Assume that your preference relation \succeq can be represented by a utility function. Show that your preference relation must then be rational, i.e. complete, transitive, and reflexive.
Business Economics, Economics
What is the theory of consumer choice and how it consumers facing trade-offs make decisions and how they respond to changes in their environment?
Off the production line, there is a 4.6% chance that a candle is defective. If the company selected 50 candles off the line, what is the standard deviation of the number of defective candles in the group?
The distribution of the monthly amount women spent on supermarket in Houston city has a mean of $675 and a standard deviation of $80. A random sample of 64 families in this city is selected. Which Excel statement will fi ...
What is asymmetric information and how does it affect the consumer or buyer?
Suppose the demand schedule in a market can be represented by the equation QD = 500 -10P, where QD is the quantity demanded and P is the price. . Also, suppose the supply schedule can be represented by the equation QS = ...
American Heart Association is about to conduct an anti-smoking campaign and wants to know the fraction of Americans over 33 who smoke. Step 1 of 2: Suppose a sample of 1179 Americans over 33 is drawn. Of these people, 27 ...
A bar wants to move into a new area. They want to find out the average income of people in the area to set a price point. To estimate the income of the locals with an error of at most $5,000 at a 80% confidence level, wh ...
Number of cars Average trvel time between A and B using route 1 1 10 2 10 3 10 4 11 5 12 6 14 7 18 8 24 Alternative route 2: average travel time is 18 minutes(no matter how many cars are using it) How many cars will take ...
What Role for Government? In Chapter 3, Wheelan describes a number of ways in which the "government is your friend" in a well-functioning society and economy. List and explain two ways that, in your everyday lives, there ...
What are the main things to remember about elasticity, supply and demand, tax incidence, government controls on the market, and economic theories?
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Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate
Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p
Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As
Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int
Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As