preferences
Q: Fill in the blanks with the number that corresponds to the correct word or phrase in the word bank…
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A: In a market characterized by perfect competition, a few key elements characterize its tasks and…
Q: utility 2
A: Utility:A commodity's ability to meet needs is its utility. It can be expressed in cardinal and…
Q: Problem 1. Andy (consumer A) and Red (consumer B) growing old together on a remote island on which…
A: The objective of the question is to understand the concept of Edgeworth box, contract curve, Pareto…
Q: There are five bicycle shops in the city of Romeria that are constantly competing for customers.…
A: Efficiency in competitive market refers to how well resources are allocated and used within the…
Q: Reserves Loans Assets The First Bank of Roswell $30,000 Deposits $170,000 Liabilities $200,000 Refer…
A: A reserve requirement is the percentage of deposits that banks must keep on hand, set by the central…
Q: 1. A firm production function is q = KL + L, where q is output, K is hours of capital services and L…
A: Firm production refers to the process by which a company or firm transforms inputs, such as labor…
Q: 3. Suppose that a farm manager seeks to maximize its total profit function as given by the equation,…
A: Solving the optimization problem under the constraint is necessary in order to determine the…
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Q: utility function
A: A Budget constraint represents the bounds at the intake picks of a character or a household based on…
Q: P2: The government is considering whether to build barriers along a river that would reduce the risk…
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A: Monopolistic competition is a market structure that is an intriguing mix of both competition and…
Q: What is the deadweight loss from the externality a. $75,000 Ob. $100,000 c. $80,000 Od. $50,000
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Q: rinciples of Economics Title: Market Structure Analysis Objective: The objective of this…
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Q: QNO8 A firm can buy two inputs K and L at £18 per unit and £8 per unit respectively and faces the…
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A: Behavioral economics is an interesting and moderately present-day field that has arisen at the…
Q: You manage a company that competes in an industry that is comprised of 3 equal-sized firms that…
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Q: The graph below represents the market for lightbulbs. Calculate the surplus caused by the price…
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A: Understanding the idea of a budget deficit is crucial when breaking down an administration's…
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Q: What is the government's tax revenue? Is this tax efficient? With the tax imposed, the price of a…
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Q: What is a financial bubble in the context of asset markets? A. A situation where asset prices are…
A: Understanding the idea of a financial bubble is critical when examining asset markets. Asset markets…
Q: Consider a market with two firms, Hewlett-Packard (HP) and Dell, that sell printers. Both companies…
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3. Consider the matching problem (see Lecture #12) with 4 departments (A, B, C, D) and 4 workers (1, 2, 3, 4), where the preferences of the workers and rankings of the departments are given
below. Use the DA algorithm with workers applying to find the worker-optimal stable matching, then use the DA algorithm with departments offering to obtain the department - optimal stable matching. Show your work in your answers. Department A: 1 > 2 > 3 > 4 Worker 1: C>D>A>B Department B: 1 > 2 > 4 > 3 Worker 2: C>A>D> B Department C: 3>4>2> 1 Worker 3: A>B>C> D Department D: 3 > 2 > 4 > 1 Worker 4: A>B>C>D
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- In decision making process, the worst alternative is the one which have a. More negatives with less positives b. Less positives with less negatives c. More positives with less negatives d. More positives with more negatives(d) As part of a marketing program, a city block containing 4 households was selected and a sample of 3 households was sampled as follows. Jeremiah, the research assistant, identified the households and numbered each household from 1 to 4. He then want to list all combinations of the 4 households 2 at a time. These are: 1 and 2 1 and 3 1 and 4 2 and 3 2 and 4 3 and 4 Unfortunately, Jeremiah got this job because he was related to the Department Chairman, and he was very careless. He forgot the combina- tion 3 and 4. He chose a random number between 1 and 5 (it turned out to be 4) which corresponded to the combination 2 and 3. Thus households 2 and 3 were sampled. The variable of interest was out-of-pocket medical expenses incurred by the household (Table Q1 (d)). Table Q1 (d) : Out-Of-Pocket Medical Expenses Incurred by the Household Expenses ($) 345.00 Household 1 126.00 492.00 962.00 3 4 (ii) Based on Jeremiah's sampling procedure, what is the expected value of mean and variance of…Consider the problem of calculating the median m of the following numbers: 4,5,9. (a) Write down the linear program that you could solve, to find the median m. Then put this LP in the form: min c^T x s.t. Ax 2 b, x 2 0, where x is your list of variables. (b) Now write down the dual of the problem above. Call the list of dual variables y. (Hint: there are 6 components of y.)
- A scientist works in a lab with four summer interns and, as it is the end of the summer, he anticipates the head of the lab will ask him which of them he wants to retain. In terms of quality, the scientist and the head of the lab agree that intern A is better than intern B who is better than intern C who is better than intern D. The scientist would like to keep as many interns as possible and, given any number, the highest-quality ones. However, due to funding restrictions, the head of the lab wants to limit the number of interns that are retained. The head of the lab initially tells the scientist to select two interns to retain. After the scientist chooses two interns, the head of the lab decides whether to allow the scientist to retain a third intern. Thus, the sequence of moves is: 1) the scientist chooses two interns (both of whom are then retained); 2) the head of the lab decides either to allow the scientist to choose a third or not; and possibly 3) if the head of the lab chose…A town's department of public works is concerned about adverse public reaction to a sewer project that is currently in progress. Because of this, the Commissioner of Public Works has authorized a weekly survey to be conducted of town residents. Each week, for a total of 10 weeks, a sample of 100 residents is questioned on their feelings towards the project. Number of responndets who opposed (each week, respectively): 7, 20, 18, 12, 20, 20, 6, 19, 24, 24.Analyze this data using an appropriate control chart (three sigma control limits). Is the community sentiment stable? a. Unstable, 3 observations out of control b. Unstable, 1 observation out of control c. Unstable, 2 observations out of control d. StableAttendance at Orlando's newest Disneylike attraction, Lego World, has been as follows: Quarter Guests (in thousands) Quarter Guests (in thousands) Winter Year 1 63 Summer Year 2 120 Spring Year 1 99 Fall Year 2 54 Summer Year 1 149 Winter Year 3 94 Fall Year 1 75 Spring Year 3 151 Winter Year 2 64 Summer Year 3 210 Spring Year 2 83 Fall Year 3 99 Part 2 Based on the given attendance, the seasonal indices for each of the seasons are (round your responses to three decimal places): Season Index Winter enter your response here
- Consider Bruno who manages an underwriting team in an insurance firm. Recently, the management of Bruno’s firm informed him of their decision to create a new risk assessment team, consisting of data scientists with machine learning expertise, and reduce the size of Bruno’s underwriting team. Bruno’s underwriting team will now work with the new risk assessment team in order to determine whether to provide insurance to applicants Use the model of a firm’s technology choice and graphically illustrate the management’s restructuring decision in a diagram with isocost curves. Your diagram should have the amount of human intelligence on the horizontal axis and the amount of artificial intelligence on the vertical axis. Fully label your diagram. Note that there are no actual numbers given in this question: you may make them up or simply use appropriate notations. Briefly explain the key information of your diagram.A survey was conducted to 12 first time voters on their preferred candidate. The results are: BBM, BBM, LR, IM, PL, PL, IM, IM, BBM, BBM, LR, LR. Which statement is true? The Borda score of PL is two points. BBM wins by plurality method. The Condorcet winner is IM. The modes are LR and IM Which of the following is a property of all linear programming problems? alternate courses of action to choose from minimization of some objectives a computer program usage of graphs in the solutionAttendance at Orlando's newest Disneylike attraction, Lego World, has been as follows: Guests (in thousands) Quarter Winter Year 1 Spring Year 1 Summer Year 1 Fall Year 1 Winter Year 2 Spring Year 2 63 94 168 75 64 83 Season Quarter Winter Summer Year 2 Fall Year 2 Winter Year 3 Spring Year 3 Summer Year 3 Fall Year 3 Based on the given attendance, the seasonal indices for each of the seasons are (round your responses to three decimal places): Guests (in thousands) Index 124 51 94 151 210 99
- 2. The idea of assigning numerical values to determine a preference ordering over a set of ob- jects is not limited in application to commodity bundles. The Bill James Baseball Abstract argues that a baseball player's batting average is not an adequate measure of his offensive productivity. Batting averages treat singles just the same as extra base hits. Furthermore they do not give credit for "walks," although a walk is almost as good as a single. James argues that a double in two at-bats is better than a single, but not as good as two singles. To reflect these considerations, James proposes the following index, which he calls "runs created." Let A be the number of hits plus the number of walks that a batter gets in a season. Let B be the number of total bases that the batter gets in the season. (Thus, if a batter has S singles, W walks, D doubles, T triples, and H home runs, then A= S + D + T + H+W and B = S +W +2D +3T +4H.) Let N be the number of times the batter bats. Then his…A retail store sold in the month of April 5,000 products that produced $45,000 in sales. In the month of May the company sold 6,000 products. The store workforce consists of four full-time workers who work 40-hour week. In April the store also had seven part-time workers at 10 hours per week, and in May the store had nine part-timers at 15 hours per week (assume four weeks in each month). Using sales dollars as the measure of output (assume the price of the product was the same for both months), what is the percentage change in labor productivity from April to May? Answer: 2.1 The following graph shows data about the height of a bamboo plant after a certain number of days. (At home writers, you must either print this graph or re-draw accurately on a piece of graph paper, time will be extended to allow for this) a) What does each point on the scatterplot represent? 180- -170 -160 -150 -140 130 120 -110 100 b) How tall might the plant be on day 7? Is this an example of interpolation, extrapolation, or neither? Justify. -90 -80 70 -60 -50 -40 -30 -20 -10 c) How tall might the plant be on day 13? Is this an example of interpolation, extrapolation, or neither? Justify. Time (days) Height of Plant (cm)
