The average-total-cost curve intersects
a. average fixed cost at the minimum of average total cost.
b. average variable cost at the minimum of average total cost.
c. marginal cost at the minimum of average total cost.
d. marginal cost at the minimum of marginal cost.
c
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What are the two views of fairness? How does each view redistribution of income from the rich to the poor?
What will be an ideal response?
You consume only steak and lobster. Your income effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster
Indicate whether the statement is true or false
A few years ago the news magazine The Economist listed some of the stranger explanations used in the past to predict presidential election outcomes
These included whether or not the hemlines of women's skirts went up or down, stock market performances, baseball World Series wins by an American League team, etc. Thinking about this problem more seriously, you decide to analyze whether or not the presidential candidate for a certain party did better if his party controlled the house. Accordingly you collect data for the last 34 presidential elections. You think of this data as comprising a population which you want to describe, rather than a sample from which you want to infer behavior of a larger population. You generate the accompanying table: Joint Distribution of Presidential Party Affiliation and Party Control of House of Representatives, 1860-1996 Democratic Control of House (Y = 0) Republican Control of House (Y = 1) Total Democratic President (X = 0) 0.412 0.030 0.441 Republican President (X = 1) 0.176 0.382 0.559 Total 0.588 0.412 1.00 (a) Interpret one of the joint probabilities and one of the marginal probabilities. (b) Compute E(X). How does this differ from E(X = 0)? Explain. (c) If you picked one of the Republican presidents at random, what is the probability that during his term the Democrats had control of the House? (d) What would the joint distribution look like under independence? Check your results by calculating the two conditional distributions and compare these to the marginal distribution. What will be an ideal response?
The British National Health System has been "reformed"
a. twice. b. three times c. four times d. five or six times e. never.