Refer to the table below. If these are the only three price options for a bushel of corn, what is the expected value of the price of a bushel of corn?
The above table provides the possible prices for a bushel of corn next year along with the associated probabilities (in percent).
A) $2.50
B) $2.78
C) $2.25
D) $3.00
B) $2.78
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Assume that after the fifth worker, each additional worker a firm hires is less productive than the previous worker. Based on this information, we can conclude that beyond the fifth worker, the average product of labor will:
A) increase. B) stay the same. C) decrease. D) cannot be determined without additional information.
If a firm has determined its optimal output level, where MR = MC, then price
A. is unchanged. B. is set by statistical analysis of the market. C. is equal to MC. D. is determined by the market demand at that output.
Laws that are passed that either require or forbid certain behaviors are examples of command-and-control policies
a. True b. False Indicate whether the statement is true or false
A country has $3 billion of domestic investment and net exports of -$2 billion. What is its saving?
a. -$1 billion b. -$2 billion c. $1 billion d. $2 billion