Explain how economists use random experiments
What will be an ideal response?
These are sometimes referred to as randomized experiments. They are outcomes of specific interventions are determined by using the intervention in a randomly selected subset of a sample and then comparing outcomes from the exposed and control group.
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Refer to the scenario above. A change in the probability of breakdown to 10 percent will:
A) increase the net present value to $135.65. B) lead to a negative net present value. C) decrease the net present value to $16.02. D) decrease the net present value to $10.
The schedules in the table give the marginal social benefit and marginal social cost of a DVD. At the efficient quantity, the minimum supply-price of a DVD is ________ and the value of a DVD is ________
A) $16; $24 B) $16; $20 C) $20; $16 D) $20; $20
Mika borrows $100,000 to start up her own beauty shop. She pays 5 percent interest on her loan. In order to account for all costs of her business, Mika must not forget:
A. the implicit cost of $100,000. B. the implicit cost of $5,000. C. the explicit cost of $105,000. D. the explicit cost of $5,000.
What four basic functions does the entrepreneur perform for the economy?
Please provide the best answer for the statement.