--%>
Assignment Help - homework help

Risk and Uncertainty of Probability Function

If estimating the nature of a probability function for an event entails considerable guesswork since experience along with the event is more sporadic or rare which any estimates are extremely speculative, in that case we confront a concept Frank Knight called: (1) risk. (2) uncertainty. (3) the veil of ignorance. (4) meta-probabilities. (5) stochasticity.

Can someone explain/help me with best solution about problem of Economics...

   Related Questions in Microeconomics

  • Q : Problem on rational ignorance An

    An illustration of rational ignorance is demonstrated when you: (1) Are elected to a political office. (2) Settle for an other half who is not your "ideal" mate. (3) Eat a steak which increases your cholesterol level. (4) Were suspended from high scho

    		•
  • Q : Monopolist of profit maximizing When

    When this is feasible for total revenue to cover all variable costs, in that case a profit maximizing monopolist will generate: (w) where marginal revenue equals marginal costs [MR = MC]. (x) in the inelastic portion of the demand cur

    		•
  • Q : Purely competition on the average This

    This purely competitive brickyard as in below graph on the average experiences an: (w) economic profit of about $135 per day. (x) economic loss of roughly $150 per day. (y) accounting profit of less than $100 per day. (z) accounting loss of more than

    		•
  • Q : Short-run equilibrium of purely

    At the price P1, the given figure of purely competitive cranberry industry is within: (w) long-run equilibrium. (x) short-run equilibrium. (y) market period disequilibrium. (z) short-run disequilibrium. <

    		•
  • Q : Uses for break-even analysis Explain

    Explain what are the several uses for break-even analysis?

    		•
  • Q : Lowest possibility for price elasticity

    The price elasticity of demand would possibly be lowest for: (1) Dasani. (2) Deer Park. (3) Aquafina. (4) bottled water. (5) Perrier. Can anybody suggest me the proper explanation for given problem regarding

  • Q : Influences of Ceteris Paribus The Latin

    The Latin phrase applies to the idea which all other effects on some dependent variable are to be supposed constant if examining the effect of changing a single independent variable is as: (1) Fiat justitia, ruat coelum. (2) Platea unum. (3) Unum paribus. (4) Ceteris

    		•
  • Q : Define Ex-ante aggregate demand Define

    Define Ex-ante aggregate demand: This is planned or the desired aggregate demand.

    		•
  • Q : Determine free-market equilibrium price

    In the year of 1983, the Reagan Administration introduced a new agricultural program known as the Payment-in-Kind Program. To distinguish how the program worked, let's assume the wheat market. Assume the demand function is QD = 28 - 2P and the supp

    		•
  • Q : Consumer Equilibrium-Utility

    Assume that you are an avid golfer and profit $36 worth of pleasure from the first golf hole played on any specific day, however the additional pleasure you profit from playing succeeding holes falls by $2 per extra hole. The $40 greens fee is needed to begin golfing

    		•