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The state Medicaid agency sets the price for nursing home care. The unit price is $180 per day. This price is beyond the control of any nursing home. What is the marginal revenue for another patient day at Holly Head Nursing Home?
Business Economics, Economics
What is the usefulness of the total revenue test for price elasticity of demand? What are the factors that affect price elasticity of demand and price elasticity of supply? What are some applications of each?
Overall we see that within the realm of trade liberalization we see the reduction and/or removal of restrictions of barriers, such as tariffs, on the free exchange of goods between nations. The results of such actions is ...
A factory makes parts for laptop computers, including screws. The screws are required to have the right length. The lengths of the screws obey a normal distribution with mean μ=4.25 millimeters and standard deviation σ=0 ...
Question: Parents decided to set aside money for their child's higher education. The objective is to provide $35,000 in today's dollars after 17 years. Their financial analyst forecasted that the average annual inflation ...
Determine the minimum sample size required when you want to be 98% confident that the sample mean is within two units of the population mean. Assume a standard deviation of 4.82 in a normally distributed population.
A sample of 1,000 U.S. households is taken and the average amount of newspaper garbage or recycling is found to be 27.8 pounds. Assuming the standard deviation of newspaper for garbage or recycling is 2 pounds. Estimate, ...
Consider taking a random sample from a N(µ,σ 2 ) distribution. Consider testing the hypothesis H0 : µ = 63 versus the alternative HA : µ 6= 63. Suppose that a random sample of size 16 is taken, σ is known to be 8, and th ...
At a large university, the probability that a student take calculus and is on the dean's list is 0.048. The probability that a student is on the dean's list is 0.29. Find the probability that the student is taking calcul ...
If we compare and contrast the four market structures, it is evident that one market structure is most practiced and evident in the United States. It is the one that promotes and strives on competition. It is the one tha ...
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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