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Suppose that pizza is a normal good. Suppose further that all pizza workers earn the minimum wage. What would happen to the equilibrium price and quantity of pizzas sold if income rises at the same time that the minimum wage rises? Explain.
Business Economics, Economics
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 ...
What are the four main points of difference in terms of utility, value, rationality, and equilibrium between the classical and neoclassical schools of thought? Briefly describe each one.
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. ...
While doing data entry, you realize that you have made a big mistake. every data value in your mistaken dataset is ten points less than it should have been. The standard deviation of the mistaken dataset was 201.2. You c ...
Assume the following probabilities: P(Customer makes a purchase) = 0.500 P(Customer does not make a purchase) = 1- 0.500 Compute the probability that both customers purchase (# purchases = 2), and enter your answer with ...
A brewery pulls 905 bottles of beer to sample them for quality control. In the past there has been a 0.12 probability that a bottle of beer is defective. Assuming this trend continues, what is the probability that fewer ...
Consumer product manufacturers commonly include customer satisfaction surveys on product warranty cards that are sent back to the company. An outdoors company redesigned a popular camping tent, and it wants to know wheth ...
In a survey of 320 customers, 84 say that service is poor. You select two customers without replacement to get more information on their satisfaction. What is the probability that both say service is poor?
Some seem to believe that we should be pure maximizers. Others say that we do better as constrained maximizers. Which view does David Schmidtz endorse and why?
Wendy's fast-food restaurant sells hamburgers and chicken sandwiches. On a typical weekday, the demand for hamburgers is normally distributed with a mean of 500 and standard deviation of 90 and the demand for chicken san ...
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