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If we observe more rice is purchased this year than last year, we may conclude that demand has increased and therefore price must have increased. Comment
Why should decision makers set MB equal to MC?
Draw the indifference curve fir someone is deciding to allocate time between work and leisure. What will be the shape of labour supply curve?
Draw the indifference curve for someone is deciding to alloacate time between work and leisure.what will be the shape of labour supply curve?
Suppose the market for watermelon can be described as the graph below . If Jon is willing to pay 8 dollars
How do interest rates affect household savings
The utility function of a household is given by U^0 = A^0.4B^0.7 . Suppose the prices of
commodities A and B are denoted as pa and Pb respectively.
a. Derive the relevant household Hickson's demand functions given that household income is denoted as Y.
b. Would you say that the two commodities A and B are substitutes? Why?
c. Derive the equation of income consumption curve.
d. Derive the marginal rate of commodity substitution.
explain the price elasticity of demand curve and state its relationship to a firms total revenue and relationship to the customers total expenditure
If a quantity demand Q=50-p, how much will be a price at a minimum production?
Problem 1:
Describe the properties of a binomial distribution.
Problem 2:
Consider a binomial problem with number of trials n = 8 and probability of success P = 0.3. Find the following probabilities:
- P(x ≤
- 5)
- P(x < 5)
- P(x ≥
- 6)
Problem 3:
40% of student assessments from a large course are marked by lecturer A, and the rest by lecturer B. A group of five students from this course shares a flat. Find the probability:
- that all have their work marked by lecturer B.
- that at least one has work marked by lecturer A.
- that exactly one has work marked by lecturer A.
Please show working out.
