According to the textbook application, hybrid vehicles
a. were introduced to the mass market by Honda and Toyota
b. use an electric motor for start-up and low speeds and a small conventional motor for normal speeds
c. generate reduced emissions and provide high fuel efficiency
d. all of the above
e. none of the above
d. all of the above
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The Who-Needs-A-Doctor? Company makes a do-it-yourself rhinoplasty kit. The company is deciding whether to include a safety feature that would cost $40 for each kit
The company estimates the probability of death without the safety feature is 1/10,000 and the death cost per kit is $50. Based on this information, answer the following questions: a. What is the value the company has placed on a life? b. What is the company's cost-benefit recommendation? c. If the company has overestimated the probability of death and the true probability of death is 1/15,000, what is the true death cost per rhinoplasty kit? d. If the company has overestimated the probability of death and the true probability of death is 1/15,000, what would the true cost-benefit recommendation be for the company? e. If the company has correctly estimated the probability of death but has underestimated by one-half the true value of a life, what is the true death cost per rhinoplasty kit? f. If the company has correctly estimated the probability of death but has underestimated by one-half the true value of a life, what would the true cost-benefit recommendation be for the company?
An economic model is
a. a concrete representation of reality b. as close to reality as possible c. too abstract to be useful when assumptions are involved d. unrelated to reality e. an abstract representation of reality
The two largest sources of federal tax revenue are the _____ and the _____ tax.
Fill in the blank(s) with the appropriate word(s).
Refer to the above payoff matrix for the profits (in $ millions) of two firms (A and B) and two pricing strategies (high and low). Which of the following is the outcome of the dominant strategy without cooperation?
A. Both firm A and firm B choose the low price. B. Firm A chooses the high price while firm B chooses the low price. C. Both firm A and firm B choose the high price. D. Firm A chooses the low price while firm B chooses the high price.