A manufacturer of cotter pins knows that 5% of his product is defective. If he sells cotter pins in boxes of 100 and guarantees that not more than 10 pins will be defective, what is the approximate probability that a box will fail to
Q: What is meant by economies of scale and what is the importance of this concept to economic growth?
A: In an economy, production cost refers to the cost incurred when producing goods and services by the ...
Q: Define Say’s Law
A: Economics studies the way of economies work.
Q: Star Inc. is a firm selling its product in a perfectly competitive market. The market price is $10. ...
A: a. Quantity Price TR TC MR MC Profit(TR-TC) 0 10 0 5 - - -5 1 10 10 7 10 2 3 2 10 20 10...
Q: 2. Production function: Y=8(K^.33)(L^.66) What if there is skill biased technological change that ma...
A: Introduction Given production function is Y = 8 K0.33 L0.66 If there is skill biased technological ...
Q: Moving along the total product curve, which of the following is held constant? A) quantity of labor ...
A: The total product (TP) curve represents the total amount of output that a firm can produce with a gi...
Q: Question 8 The price tag on a tennis ball in 1975 read $0.10, and the price tag on a tennis ball in ...
A: The correct answer is given in the second step.
Q: There are several identical firms in a perfectly competitive market in the long run. Each firm faces...
A: A perfectly competitive firm produces at P = MC = ATC in long run. ----------------------- TC = 400...
Q: equilibrium. 1.d Knowing that both firms’ discount factor is 0.6, how should Firm 2 set its capacit...
A: The correct answer is given in the second step .
Q: Is there movement toward mixed systems in socialistsocieties?
A: Concept: A mixed economy is a system that implies a combination of capitalism as well as socialism....
Q: process plant making 5000 kg/day of a product selling for $1.75/kg has annual variable production co...
A: *Answer:
Q: What are the two assumptions used to calculate the money multiplier?
A:
Q: Why are monopolies considered an abuse of power?
A: Pricing power is frequently restricted by rivals and the prospect of customers switching to alternat...
Q: Describe the changing workforcecomposition in highly developedeconomies.
A: Labor force measures the number of people in the working age group (15-64) who are talented and eage...
Q: 1. Economies of Scale Consider the following table of long-run total costs for three different firms...
A: PLEASE FIND THE ANSWER BELOW.
Q: Evaluate ways to manage interest rate risk with forward rate agreements, futures and swaps
A: Interest rate risk exists in an interest-bearing asset, such as a loan or a bond, because interest r...
Q: Average product is equal to A) marginal product + total product. B) total product + marginal product...
A: When talking about average of any economic variable or measurement, it can be said that it explains ...
Q: Merlin builds tables that she will sell for $200 per table. Her fixed costs for building the table i...
A: fixed costs, also known as indirect costs or overhead costs, are business expenses that are not dep...
Q: Consider the balance sheet for Inspired to Thrive (IT) Bank below: Inspired to Thrive Bank Balance S...
A: The reserve ratio is the percentage of a commercial bank's deposits that it must retain in cash as a...
Q: When policymakers impose a binding price floor They know consumer and producer surplus will decrease...
A: Price floor refers to the minimum legal price that can be charged for a good or service.
Q: What happens to the following variables during an expansion? a. unemployment compensation b. welfare...
A: The economy is beginning to recover at the time of expansion. Borrowing money is cheap, firms restoc...
Q: 3. When the price of a haircut goes down, in what direction does the quantity supplied move on the S...
A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: A firm may pay efficiency wages in an attempt to O all of the options are correct. O attract a well-...
A: Efficiency wages are the wages that are set above the equilibrium level. It increases productivity a...
Q: Based on estimates the data for 2 types of bridges with different lives are as follows. If the minim...
A: We have given MARR=9% Timber Bridge Steel Bridge First Cost P500,000 P1,400,000 ...
Q: Refer to the above graph, showing the demand curve in a market. Say supply is perfectly inelastic at...
A: When the supply curve is perfectly inelastic, the producer will earn as much as he can. As supply is...
Q: Suppose the central bank announces that it will increase the money supply in the future, but it does...
A: When the central bank announces to increase the money supply in the coming future but does not raise...
Q: Explain the two main causes of market failure (externality and market power) and give an example of ...
A: market failure is a situation in which the allocation of goods and services by a free market is not ...
Q: 15 and G = 17. Consumption, as you would expect, does depend on income via the nsumption function C ...
A:
Q: 2. Definition of economic costs Lorenzo lives in Detroit and runs a business that sells guitars. In ...
A: Implicit cost refers to foregone income that could have been earned if resources were invested elsew...
Q: What has happened to the macroeconomic over the past two years? What is happening with the macroecon...
A: Macroeconomics is the study of a country's or region's overall economic behaviour.. It is concerned ...
Q: Suppose that the demand and supply functions of pineapples are given by Qd = 2000 - 400P Qs = 1600...
A: Below is the given values: Qd = 2000 - 400P Qs = 1600P
Q: Use the given scenarios and the information you have learned about Fiscal and Monetary policy to com...
A: The Federal Reserve sees the progressions in the economic circumstances as unemployment/ joblessne...
Q: 6-1. What country is the biggest as measured by world trade?
A: The concept that depicts buying and selling of services and goods in exchange for compensation being...
Q: If the AD excess is $400 billion and the MPC is 0.9, a) How much fiscal restraint is desired? b) By ...
A:
Q: The demand curve for original Iguanawoman comics is given by (464 - p)? (0 sp s 464), where a is the...
A:
Q: Carefully explain the major differences between the Keynes’ and Fisher’s models of consumption.
A: Keynes’ consumption function is a formula recipe that portrays the useful functional relation betwe...
Q: Q3.In automobile industry there is a growing demand for electrical vehicles, in the present era, con...
A: As per given information There are 2 vehicles Electrical vehicle and fuel vehicle As costs and benef...
Q: 1- Given the demand and supply functions, Pa= 124 - 4.5 Q and Q. = -16.5 + 0.5P, respectively. i- Fi...
A: Note:- Since we can only answer up to three subpart, we'll answer first three. Please repost the que...
Q: You are the manager of a large crude oil refinery. As part of the refining process, a certain heat e...
A: Given information First year cost of heat exchanger=$175000 Cost increase by 8% every year due to in...
Q: SWITZERLAND AGEING POPULATION: Switzerland, like other OECD countries, is ageing. Almost one-fifth...
A: A summary is basically a simplified version of a longer work, often an article or book.Summaries are...
Q: Explain why a monopolist produces a lower level of output than a competitive industry. (Hint: your a...
A: A monopolist producer is not a price taker, because it determines the market price when it decides w...
Q: Ellah buys a discount bond for $920. When the bond matures, she redeems it for its face value of $10...
A: Buying price of bond = $920 Future value = $1000
Q: A retail store estimates that weekly sales s and weekly advertising costs x (both in dollars) are re...
A: Total Sales refer to the total quantity of goods or services that the producer or firms sells during...
Q: A new boiler was installed by a textile plant at a cost of P 3M and projected to have a useful life ...
A: To find the value of capitalized cost, first, we convert all values into an equivalent annual equiva...
Q: Use the given scenarios and the information you have learned about Fiscal and Monetary policy to com...
A: Central banks use monetary policy, to increase or decrease the amount of money in the economy.
Q: 24. The cash flow details of a public project is as follows Initial cost /investment = BD 250000 Ann...
A: By using the given information we will calculate the value of PW, FW and AW and provide the decision...
Q: Total product (meals per hour) 24 20 .... TP 16 12 8 4.
A: TP -> total production MP -> marginal product AP -> Average product -----------------------...
Q: Quantity of labor Total product (workers) (lawns mowed per week) 1 30 55 75 80 82 Kenya owns a lawn ...
A: Marginal product is the change in total product with respect to change and labour inputs.
Q: Question 21 Which of the following statements is NOT correct? O Most workers in the U.S. economy are...
A: PLEASE FIND THE ANSWER BELOW.
Q: Your company sells Beyonce concert DVDS. Total fixed costs for your operation are $10,000 a year. Th...
A: Shut down When a corporation chooses to shut down, it means that production will be put on hold for ...
Q: Compare the profits of Firm A when both firms respect the collusive agreement to the profits of Firm...
A:
Step by step
Solved in 2 steps with 2 images
- Many decision problems have the following simplestructure. A decision maker has two possible decisions, 1 and 2. If decision 1 is made, a sure cost of c isincurred. If decision 2 is made, there are two possibleoutcomes, with costs c1 and c2 and probabilities p and1 2 p. We assume that c1 , c , c2. The idea is thatdecision 1, the riskless decision, has a moderate cost,whereas decision 2, the risky decision, has a low costc1 or a high cost c2.a. Calculate the expected cost from the riskydecision.b. List as many scenarios as you can think of thathave this structure. (Here’s an example to get youstarted. Think of insurance, where you pay a surepremium to avoid a large possible loss.) For eachof these scenarios, indicate whether you wouldbase your decision on EMV or on expected utility8) Three decision makers have assessed utilities for the problem whose payoff table appearsbelow.s1 s2 s3d1 500 100 -400d2 200 150 100d3 -100 200 300probability.2 .6 .2Indifference Probability for PersonPayoff A B C300 .95 .68 .45200 .94 .64 .32150 .91 .62 .28100 .89 .60 .22-100 .75 .45 .10a. Plot the utility function for each decision maker.b. Characterize each decision maker's attitude toward risk.c. Which decision will each person prefer?Kobmison Crusoe spends 4 hours a day catching fish and picking coconuts. He can always cateh 2 umioer of coconuts he eats per day and Fis the number of ish he eats per day, How many fish will he choose to eat per day? F= 2LF or -2/.
- Determine whether or not to stock a large supply of steel. There is uncertainty in the price of steel. Based on past history the following data are available Price (future) Prob (Price) PW if stocked PW if not stocked High 0.3 100000 0 Medium 0.5 -10000 0 Low 0.2 -50000 0 What is the probability that stocking steel will result in a negative present worth (PW)?12. Over the last decade, robotic-drone a research and development company has researched in new drone technology for home delivery. Their sales department considers that they could sell as many as $90 million per year with a probability of 20%. With a most likely value of $76 million with a probability of 45% and a lowest value of $50 million. a. Determine the expected value of their sales. b. The sales department estimates that they could maintain this sales rhythm for 4 years with a probability of 67% or that this sales rhythm could be maintained for 8 years. Determine the Expected Value for the PW if the company considers a yearly interest rate of 10%The frequency of breakdown of a machine per month is shown in the table. The cost ofa breakdown is $1,000 and the cost of preventive maintenance is $1,250 per month. Ifpreventive maintenance is performed, the probability of a machine breakdown is negligible. Should the manager use preventive maintenance, or would it be cheaper to repair themachine when it breaks down?Number of breakdowns 0 1 2 3Frequency of occurrence .20 .30 .40 .10
- The project manager of Good Public Relations gatheredthe data shown in Table 7.15 for a new advertisingcampaign.a. How long is the project likely to take? b. What is the probability that the project will take more than38 weeks?c. Consider the path A–E–G–H–J. What is the probability thatthis path will exceed 38 weeks?The owner of Tastee Cookies needs to decide whether to lease a small, medium, or large new retail outlet. She estimates that monthly profits will vary with demand for her cookies as follows: SIZE OFOUTLET DEMAND LOW HIGH Small $ 1,000 1,000 Medium 500 2,500 Large 0 3,000 For what range of probability that demand will be high, will she decide to lease the medium facility?2. Calculate the probabilities that a. the battery life is between 7.5 and 8 hours; and b. the battery life is less than 8 hours. Are these two probabilities different? Explain why or why not. 3. Suppose that you randomly picked 100 iPhones and calculated the average battery life for these phones. Provide your best guess of the value of the average.
- Ans both Otherwise dont ansPlease help me quickly I will vote your answer with high rate9. The probability of a woman having a baby boy is 50% and that of having a girl is also 50% What is the probability that a woman who has three children will have three boys? of T. 10. Lebo has 3 blue pens, 2 red pens, 5 black pens and 2 pencils in his pencil case. a. What is the probability that he takes a black pen? b. What is the probability that he takes an item that is not a black pen? 11. One card is drawn from a deck of 52 cards. What is the probability that the card will be a. red or an ace? b. a king of hearts? Samsung Quad Camera Shot with my Galaxy. A2.1s