Determine the no-trade relative price of cars at home
Assume that each worker in the Home country can form the three cars or two TVs. Assume that Home has four workers.
a. Graph the production possibilities frontier for the Home country.
b. Determine the no-trade relative price of cars at Home?
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The output voltage of the certain electric circuit is specified to be 130. A sample of 40 independent readings on the voltage for this circuit gave a sample mean of 127 and a standard deviation of 7.5.
Calculate the mean of the distribution of the sample means and the population mean. Compare the two values. What is true about the two values?
A statistics professor receives and average of five e-mail messages for each day from students. Suppose the number of messages approximates the Poisson distribution. Determine the probability that on a randomly chosen day she will have four messag
Explain which country has an absolute advantage in the production of bicycles? Discuss which country has an absolute advantage in the production of snowboards?
The times for each week student employs a lab computer are normally distributed, with mean of 6.6 hours and standard deviation of 1.4 hours. A student is randomly selected. Determine the following probabilities. Compute the probability that the st
The phone lines to airline reservation system are occupied 40% of the time. Assume that the events that the lines are occupied on successive calls are independent.
Can you describe the practice of scalping tickets for major sporting events in terms of market shortages? How else might tickets be distributed?
What motivated the producers of all the individual products in the store to make them and offer them for sale? Discuss how did the producers decide on the best combinations of resources to use? Who made those resources available, and why?
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