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Economics of Enterprise
Equilibrium price is the price at which the quality of a product demanded by consumers and the quality supplied by producers is?
Economics of Enterprise
True or False: A capacity utilization rate of 70 percent is considered full employment of capital?
In the context of a global economy, the concept of a full employment capacity utilization rate is much less important than a few decades ago?
In the context of a global economy, the concept of a full employment capacity utilization rate is much less important than a few decades ago?
Economics of Enterprise
The annual report of the U.S. Bureau of Labor Statistics lists the number of employees who receive various types of benefits. From the information in the January 1999 report, the following probabilities were derived.
Type of Worker Dental Care Provided by Employer Dental Care Not Provided by Employer
Professional/Technical 0.166 0.094
Clerical/Sales 0.195 0.135
Blue-Collar/Services 0.230 0.180
Let D be the event that a randomly selected employee has dental care provided by their employer.
Let B be the event that a randomly selected employee is a blue-collar/services employee.
A) What is P (B)?
B) What is the probability of the complement of B?
C) What is P (D)?
D) What is P (B and D)?
E) What is P (B or D)?
F) What is P (D|B)?
G) Are B and D independent? Provide calculations that justify you
Type of Worker Dental Care Provided by Employer Dental Care Not Provided by Employer
Professional/Technical 0.166 0.094
Clerical/Sales 0.195 0.135
Blue-Collar/Services 0.230 0.180
Let D be the event that a randomly selected employee has dental care provided by their employer.
Let B be the event that a randomly selected employee is a blue-collar/services employee.
A) What is P (B)?
B) What is the probability of the complement of B?
C) What is P (D)?
D) What is P (B and D)?
E) What is P (B or D)?
F) What is P (D|B)?
G) Are B and D independent? Provide calculations that justify you
Economics of Enterprise
A local courier service reports that 90% of bulk parcels within the same city are delivered on time. Seven parcels are randomly sent to different locations.
A) What is the probability that all seven arrive on time?
B) What is the probability that exactly five arrive on time?
C) What is the probability that no more than four arrive on time?
D) Find the mean number of parcels that will arrive on time.
E) Calculate the variance of the number of parcels that will arrive on time.
F) Determine the standard deviation.
A) What is the probability that all seven arrive on time?
B) What is the probability that exactly five arrive on time?
C) What is the probability that no more than four arrive on time?
D) Find the mean number of parcels that will arrive on time.
E) Calculate the variance of the number of parcels that will arrive on time.
F) Determine the standard deviation.
Economics of Enterprise
It is said that sufferers of a cold virus experience symptoms for 7 days. However, the amount of time is actually a normally distributed random variable whose mean is 7.5 days and whose standard deviation is 1.5 days.
A) What proportion of cold sufferers experience symptoms for less than 7.5 days?
B) What proportion of cold sufferers experience symptoms for between 7.5 and 10.5 days?
C) Compute the probability of a cold sufferer experiencing symptoms for more than 12 days.
D) Compute the probability of a cold sufferer experiencing symptoms for less than 5 days?
E) Compute the probability of a cold sufferer experiencing symptoms for between 6 and 8 days?
F) What cold length (number of days of symptoms) is exceeded by only 10% of cold sufferers?
A) What proportion of cold sufferers experience symptoms for less than 7.5 days?
B) What proportion of cold sufferers experience symptoms for between 7.5 and 10.5 days?
C) Compute the probability of a cold sufferer experiencing symptoms for more than 12 days.
D) Compute the probability of a cold sufferer experiencing symptoms for less than 5 days?
E) Compute the probability of a cold sufferer experiencing symptoms for between 6 and 8 days?
F) What cold length (number of days of symptoms) is exceeded by only 10% of cold sufferers?
Economics of Enterprise
A Mexican restaurant offers a special menu for children for which there is a choice of a beef taco or a chicken burrito with either french fries, refried beans or a salad, plus one of four beverages. How many special menu possibilities are there?
Economics of Enterprise
Sayuri's Asian Café makes the best pot stickers in town. The kitchen's production is usually between 20 and 22 pot stickers per hour. Sayuri buys a new machine to help the team make pot stickers faster. She tracks production over the course of seven days. On which day does the machine make a positive impact on production?
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Economics of Enterprise
East vs. West (Threats) for Marxism Economics, Socialism Economics, Communism Economics and Capitalism Economics
Economics of Enterprise
if demand shifts in by the same amount as supply shifts out, market price will ______ and equilibrium quantity will ______.
Economics of Enterprise
i. equilibrium condition Y= C + I
ii. Marginal Propensity To Save: 0.25
iii. Autonomous Consumption: $ 50,000
iv. Autonomous Investment: $ 25,000
a. What is the equation for the AE function?
b. Solve for equilibrium GDP.
c. What is the value of consumption when the economy is in equilibrium
d. Suppose autonomous consumption increases by $10,000 what is the new level of equilibrium?
e. What is the effect of a decrease in interest rates on equilibrium GDP? (no calculations)
ii. Marginal Propensity To Save: 0.25
iii. Autonomous Consumption: $ 50,000
iv. Autonomous Investment: $ 25,000
a. What is the equation for the AE function?
b. Solve for equilibrium GDP.
c. What is the value of consumption when the economy is in equilibrium
d. Suppose autonomous consumption increases by $10,000 what is the new level of equilibrium?
e. What is the effect of a decrease in interest rates on equilibrium GDP? (no calculations)
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#339914 on Dec 2023
#339914 on Dec 2023