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Martha has the utility function U(x, y) = min {4x,2y}. Write down her demand for x and y as functions of the variables m, px, and py, where m is income, px is the price of x, and py is the price of y.
Business Economics, Economics
Use the standard normal distribution or the? t-distribution to construct a 90?% confidence interval for the population mean. Justify your decision. If neither distribution can be? used. In a recent? season, the populatio ...
Q1. The market for apples is perfectly competitive. Say a typical firm has a marginal cost function of MC(q) = 2q. (1) The optimal quantity of apples to produce is 10 for the typical firm. How much revenue does the firm ...
A random sample of 64 customers is selected to analyze their waiting time at a restaurant. The sample statistics are computed as follows: the sample mean xbar=3.21 minutes and the sample standard deviation s = 0.8 minute ...
A certain process is known to produce non-conforming items 20% of the time. A char- acteristic of the units produced by this process are currently being monitored for quality. Samples of size 15 are selected, and each it ...
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 ...
If the coefficient of determination is 0.738, what percentage of the data about the regression line is unexplained?
Suppose that the demand curve for tickets to see a football team play a game is given by Q = 80,000 - 40P and marginal cost is zero. The team's stadium can host 75,000 fans. i) How many tickets would the team sell if it ...
The probability that a married man watches a certain television show is 0.4 and the probability that a married woman watches the show is 0.5. The probability that a man watches the show, given that his wife does, is 0.7. ...
Suppose the production function for a firm is given by: q=4L 0.75 K 0.25 . If the firm currently has 10 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRT ...
Suppose that you generate a random number between 0 and 1. (So all numbers are equally likely to come up.) a. Draw a probability distribution function for this situation. Label the axes so it is very clear! b. What is th ...
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