Which of the following statements is not correct? Only for competitive firms does average revenue equal the price of the good. Average revenue equals total revenue divided by the quantity produced. For perfectly competitive firms, average total cost equals marginal cost at the long-run equilibrium. For perfectly competitive firms, marginal revenue equals average revenue.

The data from 200 machined parts are summarizedas follows:y yesdepth of boreE, noabovebelowedge conditioncoarsetarget15target10moderatesmooth25205080(a) What is the probability that a part selected has a moderateedge condition and a below-target bore depth?(b) What is the probability that a part selected has a moderateedge condition or a below-target bore depth?(c) What is the probability that a part selected does not have amoderate edge condition or does not have a below-targetbore depth?(d) Construct a Venn diagram representation of the events inthis sample space.

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In this problem annual income for ages 20 to 80 is given graphically. People sometimes spend less than their income (to save for retirement) or more than their income (taking out a loan). The process of spreading out spending over a lifetime is called consumption smoothing. annual income ($10nns nar vaar) years) (a) Find the average annual income for these years. The average annual income is dollars/year. eTextbook and Media (b) Assuming that people spend at a constant rate equal to their average income, when are they spending less than they earn, and when are they spending more? Enter your answers in increasing order. They spend less than their income every year from age to They spend more than their income every year from age to and from age to

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