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Suppose someone is caught committing a crime. Suppose the judge can either given the criminal a fine or a jail sentence. The criminal is indifferent between the two punishments. Does each punishment have the same opportunity cost to society?
Business Economics, Economics
Grades for a statistics exam are normally distributed with a mean of 80 and a standard deviation of 4. The empirical rule indicates what percent of an exam grades fall between 76 and 84?
Assume that the hypothetical economy of Mo has 8 workers in year 1, each working 1,500 hours per year (50 weeks at 30 hours per week). The total input of labor is 12,000 hours. Productivity (average real output per hour ...
Income effects depend on the income elasticity of demand for each good that you buy. If one of the goods you buy has a negative income elasticity, that is, it is an inferior good, what must be true of the income elastici ...
Arrow's Theorem that states there is no true fair method for voting. Do you agree or disagree with this statement? Why?
A certain device is used to determine the sex of an unborn baby, but the device is not very reliable. If the fetus is truly a boy, the device says BOY with probability 0:8 (but, mistakenly, GIRL with probability 0:2). If ...
A firm produces Product A and Product B. This years sales price of Product A have decreased tremendously, and the sale of Product B has increase by 10 percent. The firm has threeemployees that can produce Product A and f ...
Elasticity: 4% (Please show your steps and calculation- use Arc elasticity) In year one, Mike's income was $56,000 and went to the movies a total of 24 times. The next year, Mike's income increases to $68,000 and he saw ...
A is the event that your friend is sick today and B is the event that you pass this test. These events are independent and Not mutually exclusive. Calculate the probability that your friend is sick todayy OR you pass thi ...
Why are common stock and bond yields important? What happens if bond interests aren´t paid and what is the difference between common stock and bond investors?
The number of phone calls that arrive at a phone exchange is often modeled as a Poisson random variable. Assume that on average there are 7 calls per hour. Show all work. a) Find the probability that there are exactly f ...
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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
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