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Calculate the sample mean X‾ and the sample variance S2 and construct a 95% confidence interval for the population mean.
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in terms of prices and quantities
Your engineering department estimated the following production function.Q = 15L2 – 0.5L3. What is the marginal product of labor function, MPL? What is the average product of labor function, APL?
Is the sample size large enough for the estimated coefficient of square feet to be statistically significant at the 5% level? What is the coefficient of determination (R2)?
Calculate Joe’s expected utility if c1 = 0 and c2 = 100. Calculate the expected value of this lottery, and the utility of receiving this expected value with certainty
Calculate price elasticity of demand and supply for the following functions when (a) P=8 and (b), Q=6.P= 40 – 0.5Q, Q= -40 + 0.75P.
Illustrate this price/quantity combination in a graph with demand curve and marginal revenue curve.
Due to quality improvements and effective advertising, the demand increases to D2, while its corresponding marginal revenue is MR2, with ATC2 and MC2 remaining unchanged. Monopolist, hence, produces
How does a firm then maximize their total revenue? Explain the relationship of demand curve and total revenue curve, indicating which of the four types of market structures market power like this wi
‘Inflation is impossible under gold standard’. State whether this statement is true, false or uncertain? Briefly describe your answer.
Draw demand, marginal-revenue, average-total-cost, and marginal-cost curves for a monopolist. Demonstrate profit-maximizing price and amount of profit. On this graph, demonstrate the deadweight loss
The domestic demand curve, domestic supply curve, and world supply curves for a good are given by the straight lines SDemand, SDomestic, and SWorld Assume first a regime of free trade and that impor
Find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.
Consider an individual facing a wage rate w. There is a total of 100 hrs available for work or leisure in a week.
Consider a Cournot duopoly. The market demand is p=190-q1-q2. Firm 1’s marginal cost is 40, and firm 2’s marginal cost is also 40. There are no fixed costs.Find the Nash equilibrium of t
We consider two regions A and B. Each market has the similar size (i.e. number of consumers) but differs in the willingness to pay for one unit of the good proposed by the firm. What is the optimal
Describe the basic process by which an economy moves through a business cycle. What is meant by a demand-pull inflation? How does a demand-pull inflation differ from a cost-push inflation? Des
A horizontal aggregate supply curve causes higher inflation, instead of higher output, to result from increases in the money supply.
Calculate the mean and standard deviation of the damage in any year.
The income elasticity of demand for movies in the United States is 3.41. If people's incomes decrease by 1 percent, what is the decrease in the quantity of movies demanded?
If Mary utilizes all her resources to produce hats, she could produce 48 hats an hour. If she utilizes all her resources to produce apple pies, she could make 24 apple pies an hour. What is Mary&rsquo
Derive the Marshalian demand functions and the indirect utility function for the following utility function:u(x1,x2,x3) x11/6 x21/6 x31/6 x1 ≥ 0x2 ≥ 0x3 ≥ 0
Write an equation for the firm’s total cost function. Write an equation for firm’s total revenue function (in terms of Q).
Use the IS/LM model (including the goods and asset market graphs when appropriate) and Foreign exchange graph to fully explain the effects of each country’s policy on dollar/Yuan exchange rate
How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Show the effect with graphs.