MATHEMATICS

Figure 7-5.On the graph below, Q represents the quantity of the good and P represents the good’s price.

 

 

 

 

Refer to Figure 7-5. If the price of the good is $14, then producer surplus is

a. $17.
b. $22.
c. $25.
d. $28.

 

 

Figure 7-9

 

 

Refer to Figure 7-9. If the price decreases from $22 to $16, consumer surplus increases by

a. $120.
b. $360.
c. $480.
d. $600.

 

Refer to Figure 7-9. IF 40 units of the good are being bought and sold, then

  1. The marginal cost to seller is equal to the marginal value to buyers
  2. The marginal value to buyers is greater than the marginal cost to seller
  3. The marginal cost to sellers is greater than the marginal value to buyers
  4. Producer surplus would be greater than consumer surplus.

 

 

 

 

Figure 7-20

 

 

 

K    Supply

 

 

 

 

Price

48

44     A

40

36

32     F                                                              G

 

 

Demand

28

24     H

20                                                                                                           B

16

12

8        C

4

 

1         2        3        4       5     6        7        8        9        10        11    Quantity

 

 

 

Refer to Figure 7-20. At Equilibrium, total surplus is

  1. $36
  2. $72
  3. $108
  4. $144

Figure 8-2

The vertical distance between points A and B represents a tax in the market.

 

Refer to Figure 8-2

The loss of consumer surplus as a result of the tax is

  1. $1.50    B.    $3   C.    $4.50   D.   $6.

 

 

Part 1 of 9 –
Question 1 of 25 1.0 Points

Which of the following statistics is not a measure of central location?

 

  A.Mode
  B.Mean
  C.Median
  D.Interquartile range

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Part 2 of 9 –

 

Question 2 of 25 1.0 Points

If A and B are any two events with P(A) = .8 and then is:

 

  A.0.875
  B.0.14
  C..24
  D.0.56

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Question 3 of 25 1.0 Points

If one tosses a coin enough times, the proportion of “heads” will approach 0.5. This is an example of:

 

  A.the Law of Large Numbers
  B.subjective probabilities
  C.the Central Limit Theorem
  D.the Empirical Rule

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Part 3 of 9 –

 

Question 4 of 25 1.0 Points

A discrete probability distribution:

 

  A.can be estimated from long-run proportions
  B.is a tool that can be used to incorporate uncertainty into models
  C.is the distribution of multiple random variables
  D.lists all of the possible values of the random variable and their corresponding probabilities

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Question 5 of 25 1.0 Points

A drug is reported to benefit 40% of the patients who take it. If 6 patients take the drug, what is the probability that 4 or more patients will benefit?

 

  A.0.138
  B.0.862
  C.0.667
  D.0.179

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