Can you provide the answer and explain why? The price elasticity of demand for a good will be greater the less available are suitable substitutes for this good the longer the time period considered for a group of related ...
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Jen and Barry get sued by "Ben & Jerry's" for trademark infringement. Jen and Barry lose, and they need a LOT of money. They decide to play Tennetucky's "Mega-6" lottery. They'll win the jackpot if they correctly choose ...
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My kids love playing UNO and we just finished up an intense round. Lets say that the deck has 80 cards. 20 red, 20 blue, 20 green and 20 yellow. What is the probability of pulling 3 green cards if the first 2 are replace ...
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Suppose the production function for a firm is given by: q=4L 0.5 K 0.25 . In the short run, the firm has 16 units of capital. Find the Marginal Product of Labor (MP L ). Fill in the appropriate numbers in the function ...
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Suppose the cost function of making jackets is C(x)= x^2 - 50x+1500. How many jackets should you make to minimize the cost of the jackets? How much would be the minimum cost?
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1) Let Z be a standard normal random variable with mean = 0 and standard deviation = 1. Us the normal table to find the following answers. a) P(0 b) P(-1.22 c) Find the value Z 0 such that P(0 0 )= 0.4901. 2) On a typic ...
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A box contains n white and m black balls. One ball is added randomly, white with probability p and black with probability 1 - p. Then a random ball is taken out from the box. (a) Find the probability that the taken ball ...
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Charlie's indifference curves have the equation xB = constant/xA, where larger constants denote better indifference curves. Charlie strictly prefers the bundle (6, 16) to a. the bundle (16, 6). b. the bundle (7, 15). c. ...
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As a single parent earning on a limited income, how can you stretch your grocery dollar to plan nutritious meals for you and your children? Would you seek the assistance of federal programs?
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Mathew and Susan are both optimizing consumers in the markets for shirts and hats, where they pay $100 for a shirt and $50 for a hat. Matthew buys 4 shirts and 16 hats, while Susan buys 6 shirts and 12 hats. From this in ...
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