Expected value is:
A. the average of each possible outcome of a future event, weighted by its probability of occurring.
B. the average probability of all possible outcomes of a future event occurring, weighted by each possible outcome individually.
C. the sum of all probabilities of all possible outcomes of a future event occurring.
D. None of these statements is true.
A. the average of each possible outcome of a future event, weighted by its probability of occurring.
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If a firm is in an antitrust court case being accused of monopolizing a product, the firm would hire an economist to show
A) the cross-price elasticity of demand between the firm's good and another is positive. B) the price elasticity of demand for the firm's good is highly inelastic. C) the income elasticity of the firm's good is inferior. D) the cross-price elasticity of demand between the firm's good and another is negative.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. Which of the following best represents Kate's inverse residual demand function?
A. P(QK) = (100 - 0.005QA) - 0.005QK B. P(QK) = (100 - 0.005QK) - 0.005QA C. P(QK) = (200 - 0.005QA) - 0.005QK D. P(QK) = (200 - 0.005QA) - 0.005QA
The concept of vertical equity is that
a. income should be taxed instead of property. b. property should be taxed instead of income. c. there should be little movement up or down the social scale. d. persons who are unequal should be treated unequally.
Jerry's Marginal Utility for consuming beer and pizza with $8.00 in income
According to the above table, how much total utility does Jerry get from 3 hotdogs?
A. 30 utils B. 130 utils C. 115 utils D. 85 utils