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Demonstrate that, in general, the sample correlation coefficient is not affected by a change in the unit of measurement of one of the variables.
10 Sally runs a vegetable stand. She is selling 100 pounds of heirloom tomatoes per week. What is the marginal revenue of the 101st pound of heirloom tomatoes?
What is the maximum amount by which the money supply can be increased as a result of First Bank's new loan?
Evaluate the impact of the proposal to cut prices on (i) total revenue, (ii) total cost, and (iii) total profits.
Which firm produces more and which has the higher profit? Solve for the Cournot equilibrium price, quantities, profits and consumer surplus.
Owner/operators of small gas stations rarely pay themselves an hourly wage. How does this practice affect the economic cost of dispensing gasoline?
Discuss this congestion pricing and EMS charge in terms of elasticity - why would the Mayor focus on this?
Calculate the expected value and the variance of Jane's income from the vineyard Will Jane accept this offer? Explain.
What is estimated number of cans of tennis balls demanded?
Hard times caused total community income to fall by eight percent and this caused enrollment. What is the income elasticity and what does the sign mean.
We're too busy to bother with strategy. We have to take care of the present. What might be wrong with their reasoning?
How would a rise in temperatures affect the demand for water? Is the estimated elasticity consistent with your explanation?
What is the probability their average cholesterol level would be 257 or higher? Explain why these 20 patients may, in fact, not be a random sample.
However, there are 10 bottles in a crate. To the nearest cent, determine the average cost of the crate from last month to now.
Based on the national saving and investment identity, what are the three ways the macroeconomy might react to greater government budget deficits?
How would an economist evaluate which is the better model for forecasting electoral outcomes?
What is the optimal quantity and price? What are the firm's economic profits? Does your answer to b strengthen or weaken the case for a corporate income tax?
A contractor wishes to set up a special fund by making uniform semiannual end-of-period deposits for 20 years. What is the required semiannual deposit?
Is she better or worse off? Why? Draw Ashley's budget constraint before and after the change in income, and identify her best choice before the change.
Suppose she buys twice as many fi lm tickets as concert tickets. If the price of a fi lm ticket is $4, what is the price of a concert ticket?
Calculate the own price elasticity of demand when the price goes from $5 to $4.
1. Compute the price elasticity of demand for paint and show your calculations.
What is the cross elasticity of demand between the two brands of widgets? (Use the midpoint method described in equation 3.14).
The price of bread is $0.60 and Aaron's income is $40. He buys 45 pounds of bread, 26 ounces of butter, and nothing else. What is the price of butter?
So, he increased his prices by 18%, yet revenues fell substantially. Why did this outcome occur?