Posts by economyst
Total # Posts: 1,118
do you have a question?
#3 is the one with the two age distributions; one for 1900, one for 2000. A is approximate the median for each of the distributions. Look on the y-axis; the little tick mark where 0.5 would be is the median point. Half the population is above, half below. Going horizontally ...
take a shot, what do you think? I or others will be happy to critique your answer.
economics case analysis
First off, about 99% of basic economic questions can be answered with common sense. You really know more than you think. (Higher level econ has a lot of math mumbo-jumbo. But don't worry about that now.) Concepts: We desire goods and services (in this case jeans and ...
slope is rise over run. x changed from 1 to 2, run=1, y changed from 4 to 3, rise=-1. so slope = -1 At (-2,1), increase x by 2 to 0, y must change by -2, from 1 to -1. So at x=0, y=-1; the y-intercept. Ergo y=-x-1
Of course. The president appoints the Board.
Draw a venn diagram. a) P(C or M) = P(C)+P(M)-P(C and M) = .10 + .15 - .05 = 20% b) 15% got an A in Math, 5% both, or 33.33% of those that got an A in Chem. c) repeat logic in b) d) if they were independent, the prob of getting A's in both would be P(C)*P(M)
Do a little research on the Money Multiplier. Try here. http://en.wikipedia.org/wiki/Money_creation
I don't think jim is correct. The SD of X+Y = sqrt[var(X)+var(Y)+2cov(XY) ] Assuming all air-travelers are independent of each other, the last term goes away. Var(X)=SD(X)^2 = 400 so SD = sqrt(100*400) = 200 take it from here.
"fair" is a subjective term. However, $4 is not "actuarilly fair" as the seller pulled in $1600 and only paid out $1000. $2.50 would have been and actuarilly fair price.
For this, I would use a Poisson distribution. (There are other methods). Under a Poisson, the probability of observing exactly k true events is: P=[y^k * e^(-y)]/k! where y is the expected number = 3 So, P(0) = [3^0 * e^(-3)/0! = .04979 P(1) = 3^1 * e^(-3)/1! = .14946 and so ...
You don't need a z-score for this problem. A normal distribution means that half the observations are above the mean, half below. The answer is 50%
Rise over run. Going from 1.5 to 2.5 along the x axis caused the height to go from 2 to zero. Run=1, rise=-2. So going from 1.5 should to zero should raise the point up 3. Top of the triange is at 5.
I don't think you can say much about the shape of the comparison distribution; the center of the new sample is to the right of the original sample. That's all I've got.
Data management!! [ Hi economyst] Please Help.
Out of the 14 try-outs, he picks 3. The possible combinations are 14-choose-3 = 14!/3!*(14-3)! = (12*13*14)/(1*2*3) = 364 a) to get 3 M and 1 F, besides himself he needs to pick 2 M and 1 F. There are 9-choose-2 possible picks of the males. and 4-choose-1 females. Following ...
Think a bit outside the box. What would you do if such a policy was enacted? What would a cheapskate do? (e.g., start burning his trash). What would a sleezeoid do? (e.g., dump his trash in someone else's bin). Remember to think like an economist. The MC of tossing more ...
There are 20 balls, this is the denominator for a and b a) there are 5 red even balls, prob=5/20 b) there are 15 red or even balls, prob=15/20 c) there are 20-choose-2 ways to choose 2 balls = 20!/2!*(20-2)! = 19*20/2 ways. This will be the denominator in c Number of ways to ...
Another Data Management Question
hint for b) Since Rain is male, having at least two males means picking at least one male. Which is equal to (1-P) where P is the probability of picking 3 females.
Another Data Management Question
Follow the logic i gave you in your previous post. Remember, the formula for n-choose-x is n!/x!*(n-x)! where ! means factorial.
There ar 72 coins total a) (15+30)/72 b) the possible ways of choosing 3 coins is 72-choose-3 = 72!/3!(72-3)! = 70*71*72/6. This is the denominator. There are 15-choose-2 ways of picking the two loonies and 30-choose-1 ways of picking the quarter. So, the numerator is ((14*15...
Economics - PPF
Unfortunately, I am having trouble visualizing the graph. what are on each axis? Is the PPF on the graph drawn? Are you given a wage rate? b) is unlikely to be right as about everything we do has an opportunity cost, including giving up leisure time.
I agree; disequilibrium.
The present discounted value of $30,000 is about $104. However, I'd still take the $95. I'll be over 100 in 50 years and, well, whats the point? (Actually, this means my own personal discount rate is more than 12%)
Take a shot, what do you think? Hint: start with the quantity theory of money. MV=PQ
Based on your statement, 25% are red, 25% are yellow, 50% are green. take it from there
I presume you mean the yield of purchasing a bond from a AAA company. US securities are the least risky and therefore have the lowest yield. AAA are slightly more risky, and so (ignoring risk) have a slightly higher yield. BB companies are substantially more risky and ergo ...
I would say, "cant tell" The market could expect interest rate 2 years from now to be 6.0%. However, seeing two years in the future is more risky than 1 year. So, the higher yield in year 2 could easily be explained by the higher risk. Ditto for 3+ years.
Ms Sue is correct. Are you being asked to find some national statistic showing the average property tax for some family with $225 in income?? Otherwise, you need to provide/acquire more information.
Take a shot what do you think? Hint: for efficiency ask two questions: 1) is the resource going to the person who values it the most? and 2) Can you make some somebody better off without making someone else worse off.
Elasticity is (%change in Q)/(%change in P) Here the wage rate is P and output is hours. Here (%change in Q) mid-point method is 1/5.5 = 18.18%. Take it from here.
See my post above
Prices went up from 85 to 90 (as measured by the cpi). Ergo, the purchasing power of the doller in 85 was greater. That is, a doller in 85 could buy more than a dollar in 90.
Garage sales are not in GDP.
Take a shot, what do you think? Hint. Draw a supply and demand graph. for 1) if consumers save less, they must be spending more. How is this represented with demand. For 2, if supply increases, what happens to P, what happens to Q?
see my previous post.
Put autos on the x-axis, forklifts on the y-axis. Plot the pairs of points. (0,30), (2,27), (4,21), and so on. When you are done, you will have a production possibilities graph.
The correct answer is: cannot be determined with the information given. However, if you assume that the marginal output of miner is equal to the average output (a tall assumption in my opinion), then you can answer. The average output per minor at mother lode is 4 tons, the ...
I think both 3 and 4 are correct. That said, as written, 3 is the obvious choice.
Take a shot, what do you think? Hint 1: use a monopoly model Hint 2: no, yes
I answered thsi very question back in July. Cutting and pasting my response back then: (On July 23 to TrickyEconomics) --------------------------------------- You still have two values of 17 labor with different outputs. That said, here goes. A) I wish there was more data, but...
Take a shot, what do you think. Hint: Draw initial supply and demand graphs. Then, shift the supply curve because of the invention and put a price ceiling. What happens?
The fundamental role of free enterprise is to allow markets to allocate scarce resources in an optimally efficient manor. Under free enterprize a) the factors of production are privately owned, b) producers get to keep or sell the fruits of their labor, c) producers sell their...
college level Macroeconomics
Note: with all of your questions, it is important to distinguish between economic growth and the economic growth rate. Most of your questions ask about growth rates. 1) I agree. 2) I agree. However c) seem plausable. I think of the net increase of the capital stock as new ...
a) ?? Is something missing?? b) new technology would shift the curve to the right.
Do a little research, then take a shot. What do you think? I or others will be happy to critique your thinking.
Do a little research, then take a shot. What do you think? I or others will be happy to critique your thinking. Hint: think about what it means to improve equity? to improve efficiency?
Is it clothing and deer or clothing and buffalo? Doesnt matter, i'll use deer. To get 1 piece of clothing: Red must give up 2 deer. Blue must give up 1/3 deer.
See my post below to Matty64.
I or others will be glad to critique your thinking.
As I posted below ... Take a shot. What do you think?
Take a shot, what do you think. Hint: Is a product's name or unique characteristics worth anything?
Take a shot, what do you think? Hint: why do some profit-maximizing firms engage in technological change anyway?
Take a shot. What do you think? Hint for a: find Q where MC=MR. for b: find Q where MC=demand.
simply, because RNs are paid less. Maximize efficiency where MPmd/Wmd = MPrn/Wrn where Wmd = wages paid to MDs, Wrn = wages paid to RNs
Personal Finance Concepts
An excel spreadsheet is very helpful for these kinds of calculations. The balance after 1 year is B1=B0*(1+r)-P, Where B0 is the initial balance and P is the payment=11000, r is the rate of interest = .05 After 2 years its B2 = B1*(1+r)-P = (B0*(1+r)-P)*(1+r) - P = B0*(1+r)^2...
Ecnomics Answer check
Ami: Scarcity is all around us and affects many of the decisions we make, including the super-rich. For example, leisure time is often scarce for high income folks. So, vacationing in the Bahamas means not vacationing in the Swiss Alps. Going to the theater might mean not ...
If the government spends, say, $100, then somebody's income goes up by $100. That is, the initial, first round increase in income is $100. This is in turn, spent on something else or saved -- depending on the MPC. The additional spending is, in-turn, saved or spent by the ...
Think about how the multiplier works; how in increase in spending causes increases in someone's income which, in turn, increases their spending. If someone buys a good or service outside of their own community, then somebody outside of the community has an increase in ...
As you can see, cutting and pasting does not work so well on the jiskha site. Sorry.
Always Always Always, set MC=MR MC with respect to Qi and/or Qii is 20. In market i: TR is Pi*Qi = 200Qi - 2Qi^2. MR is the first derivitive. So MR = 200-4Qi MR=MC = 200-4Qi = 20. Solve for Qi. Repeat for market ii. With Qi and Qii known, solve for total profit Now for the ...
Going from 6 to 8 autos means giving up 4 beef. Going from 8 to 10 beef means giving up 2 autos.
Take a shot, what do you think? Hint: draw a supply and demand graph, then draw a ceiling price below your equilibrium price. At that price, how much are producers willing to supply? how much do consumers demand? Hint2: could people sell their rationing coupons?
The publisher paid $20 to a printer and got 20 books, or a $1 per book. He paid $5000 for a press and got 1000 books, or $5 per book. Sounds like he should get more printers and less presses.
Take a shot, what do you think?
Your MPC = 3/4, which means MPS=1/4. Do a little research on multipliers, especially the taxation multiplier. Hint: the taxation multiplier is (1/MPS)-1. Take it from here.
Microeconomics: Budjet Constraint
Take a shot, what do you think. First two assumptions. I presume you cannot by fractional sushi rolls or cans of soda. So, hint: your first budget constraint will look like steps. Second, I presume at the buffet, you can eat all the sushi rolls you want, and soda is not ...
A.P. Economics (Please check if I'm right)
Hummm Human capital is what tutoring business offers to produce; it is the product being sold. When I hear "capital" I generally think of two types: physical and financial. Physical capital are the physical items needed. You mentioned the building. Other items ...
I would put the tree into land. But this is certainly debatable. A paper company that specifically planted the tree with the intent to use the wood to make paper might very well call the tree a piece of capital.
Think about and review what the demand curve represents. In this case, it is the relationship between the "price" of subprime mortgages and the amount of mortgages people would buy at that price. Using Bobpursley's excellent suggestion, let the price of subprimes...
math (really accounting)
This is an accounting problem rather than a math problem. Accounting is not my area. That said, I would guess that using a double declining balance method would be best. But, I am on very shaky ground here.
application essay, plz help Writeacher, SarJMcgin
Below is a draft of my daughter's college scholarship application essay. I would appreciate if a few of the Jiskha gang could review and critique. Many thanks in advance. Scholarship Essay What do you want to be when you grow up? This is one of those questions ...
Ok, I see your graph. It looks like the demand curve crosses the x-axis at about 30. So, the demand curve can be expressed as P=120-4Q. Your question is for a simple monopolist. Total revenue is P*Q = 120Q-4Q2. MR is the first derivitive, so MR=120-8Q. It looks, from your ...
for #1 Always always always, maximize when MC=MR. (Since you have a quadratic for an MC equation, you may have two points where MC=MR. One will represent where profits are maximized, the other where profits are minimized. In calculas, check second-order conditions. Or, for ...
This is a straight monopoly problem; set MC=MR and solve for Q, and then determine P. The tricky part is that the total cost function is a cubic. Since M is given, rewrite the demand equation as Q= 212,000 - 500P. Next rewrite so P is a function of Q. so P=424 - .002Q Now then...
A most excellent question. A question asking you to think like an economist. And the question just oozes with micro-economic issues. Take a shot, what do you think. I or others will be happy to critique your thinking. Hints. Think about what the casino is selling. Assume both ...
You have posted this before. I don't see any output from the computer package., I don't see any graphic with outliers. So, it will be difficult to help. If you want the greatest rate of return, start with a purchase when the stock price is the lowest and sell when it ...
math & finance
first calculate the annual equivalence (1+.053/2)^2 = 1.0537 ergo, the equivalent annual rate is 5.37% Let the monthly equivalent rate be x. So (1+x/12)^12 = 1.0537 12ln(1+x/12) = ln(1.0537) = .0523078 ln(1+x/12) = .00435898 (1+x/12) = e(.00435898) = 1.0043685 x/12 = .0043685 ...
this a wide-open question, of which people have written books. I guess I would start with a simple labor/leisure model (wages on the y axis, hour worked on the x) and then expand into a general supply/demand for labor. Then show some shocks to the system and show how those ...
117/110 = 1.0636, go with c
It took me a few minutes to realize this is a trick question. It is impossible to have exactly one CD in the wrong envelope. If a CD is in the wrong envelope, then there must be at least one other CD in a wrong envelope. So, the probability is zero.
Take a shot, what do you think? Hint: Assume the farmers place different values on the use of pesticides, especially at the margin. Which of the two scenarios is more likely to produce an internal market for pesticides. If there is a market, who will buy and who will sell, and...
Gaz's answer to the first question isnt too bad, his answer to the second is completely off base; the answer has nothing to do with monopolies. Sorry Gaz. For the first, profit maximizers will allocate resorces to maximize their profits, which means using the resources to ...
On the demand side, think of things that affect the demand for housing in a particular location. e.g., distance from employment centers, quality of schools, property taxes, government services, etc. Also, consider short run and long run issues. On the supply side, think of ...
Basic economic True or False questions?
1) false, consumer surplus is below the demand curve, but above the price line. 2) False. Socially optimal implies that benefits from production (including any positive externalities) exceeds costs of production (including any negative externalities), ergo wealth is created. 3...
b) Optimize where MC=MR, so at $32,000 wage, the firm will hire agent 2 (34000>32000) but not agent 3 (30000<32000). c) repeat with logic in b d) repeat steps in a) e) repeat b with new schedule.
my bad, the parameter for c in my response should be -.00183
You still have two values of 17 labor with different outputs. That said, here goes. A) I wish there was more data, but a skatterplot kinda looks like an S-curve, which can be generated with a Cubic. So, yes. B) for y= ax + bx^2 + cx^3 + d I get (parameter and t-statistic): a...
6.8% + 3.5% = 10.3%
Something is wrong with your data (or, at least very confusing to me). First, how can you have a negative labor usage? You also have a negative output, which I could guess exists (existing products are destroyed rather than made). However, negative output bothers me. Second, ...
Use a poisson distribution. For more info, See: http://en.wikipedia.org/wiki/Poisson_distribution repost if you are still having trouble.
Take a shot. What do you think. I or others will critique your response.
You and Damon, I believe are both right. 23 seconds would correspond a 40% probability that at least one car showed up. (1-.4) = e^(80t/3600) ln(.6) = -.0222222t -.5108 = -.0222222t t = 22.99
A cartel profits by limiting supply, and thus driving up the price. For a cartel to survive, It must 1) keep out new entries of producers, and 2) keep its own members from cheating and over-producing. The problem, however with fresh oranges is that there are too many close ...
see my post below.
This is a rather open ended question. First, I believe you need to answer the question whether the 15 colleges are profit maximizers; this strongly affects how one would answer the question. If colleges are profit maximizers, then some sort of oligopoly model and all of their ...