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Describe what results of such move are for graham cracker market. In other words, will there be a SHORTAGE, a SURPLUS, or neither created? Why?
Curiously, lighthouses were almost always run and maintained by local governments. Describe in economic terms why private firms would not run a lighthouse.
The given are body mass index (BMI) scores measured in 12 patients who are free of diabetes and participating. Calculate the standard deviation of BMI.
Find proportion of patients have glucose levels exceeding 115? Find probability that mean glucose level exceeds 115 in a sample of 12 patients?
Obsolescence charges, sales taxes, and rental payments on leased office machinery. "There are no fixed costs in the long run; all costs are variable." Describe.
Calculate price elasticity of demand for paint and illustrate the calculations. Decide whether demand for paint is elastic, unitary elastic, or inelastic.
"Assume you are painter, and price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Calculate price elasticity of demand for paint and illustrate the calculations.
Suppsoe weight gain is normal, determine 95% confidence interval estimate for mean of the differences μd where d= ration A - ration B.
Create 95% confidence interval for weekly average expenditure on fast food for adults 24 years of age and under. Suppsoe fast food weekly expenditures are normally distributed.
The monopolist sells in two geographically divided markets, East and West. Determine profit-maximizing price and quantity in each market.
Compute monopolist's profit-maximizing quantity, price, and profit. Should monopolist try to deter entry by setting a limit price?
Few games of strategy are cooperative. One example is deciding which side of road to drive on. Is there Nash Equilibrium in this game? Describe.
Do increasing marginal costs result from rising wages of workers? Is law of diminishing returns the result of firms hiring the best workers first?
Write down the major factors which determine the relationship. What are the implications? Focus on past 18 months when answering this question.
Classify recessions as short lived or prolonged. What were causes for this difference? What policies did country normally follow under the circumstances?
How to measure nation's economic performance? Describe what factors make it difficult to compute GDP accurately?
What do you think must be three major macroeconomic goals of the economy? What policy mix assists government attain these goals?
Compute expected revenue, expected variable costs and expected costs from overbooking. Using marginal analysis, must hotel raise its price?
Find the mixed strategy Nash equilibria? In other words, find the probability that employer will monitor? Find the probability that the employee will shirk?
Find out what happens to other country's payoff if it decides to deviate from the strategy - to play renege. Find the payoffs in that period and in all future periods?
Write some of the advantages and disadvantages? Compare and contrast setting up traditional, brick-and-mortar business and online business.
At what production quantity per year would brewery be indifferent between the two investment opportunities?
Write down the difference between explicit and implicit cost? Describe the answers. How to determine if a cost is a fixed cost or a variable cost?
How do government choices in regards to tariffs and quotas influence international relations and trade? Find foreign exchange rates? How are they estimated?
Critically analyze Classical and Keynesian theories relating to demand for money. Do not forget to examine modern quantity theory related with Milton Freedman.