Microeconomics Answers

A coin is tossed 3 times and the interest is the number of heads (H) resulting
Find the probability function of the random variable (H)
Find the mean and standard deviation of the random variable (H)

An investor plans to divide 200,000 between two investments. The first yields a certain profit of 10% while the second yields a profit with expected value of 18% and a standard deviation of 6%. If the investor divides the money equally between these two investments, find the mean and standard deviation of the total profit

Question No. 03: What are the demand schedule and the demand curve, and how are they related? Why does the demand curve slope downward?

Develop a realistic business example (should not be online) in which each of the following probability distributions would be appropriate:
a) Binomial distribution
b) Poisson distribution

1. An economist in Kenya argued that 3.5% of all SMEs would file for bank loans next year. For a random sample of 100 SMEs, estimate the probability that at least three will file bank loans next year. Assuming that the economist’s prediction is correct.
2. A politician believes that 25% of all macroeconomists in senior positions would strongly support a proposal he wishes to advance. Suppose that this belief is correct and that five senior macroeconomists are approached at random. What is the probability that at least one of the five would strongly support the proposal?

Calculate the GDP of the Domincan Republic based on the following economic actions:
PRG Inc. Founded using the US capital, produced goods within a year for 200,000 USD
Mike and Sam- The US citizens earned 15,000 USD via fixed-term employment contract
local retail trade turnover 330,000 USD
coffee beans produced and exported in amount of 10,000,000 USD
local citizen earned 1,000 USD via his overseas internship at Renault

Suppose that an oil shale well costs $8 million. The desired revenue of $12 million recoups the investment, provides a return on the investment, and pays for operating costs. The well produces 60 percent of its output in year 1, 25 percent in year 2, and 15 percent in year 3. What would be the minimum output of the well in Bpd to generate $12 million if oil is sold for $100 per barrel?

Due to increase in GST the supply of Air conditioner decease from 20 units to 10 units at same price this situation leads to

Consider a market made up of identical perfectly competitive firms. Market demand is
Qd=6000-3p and market supply is Qs=1200+9p.

a)Solve for the equilibrium levels of quantity and price in this market.
b)Calculate consumer surplus and producer surplus at this equilibrium.