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A competitive firm maximizes profit by choosing

Choose the regions that correspond with a country’s consumer surplus for a product when there is no international trade, and consumer surplus when there is free international trade (no barriers). consumer producer surplus regions.png

Imagine that you can hire four low-skilled workers to move dirt with shovels at $5 an hour, or you can hire one skilled worker at $24 an hour to move the same amount of dirt with a skid loader. Who will you hire if the minimum wage increases from $5 per hour to $6.50 per hour?

label number 26-35

labeling in order number 10 to 17

In a deck of 52 cards, half are red (26 red) and half are black (26 black). What are the odds in favor of drawing a red card?

In a class of 30 students, 18 are taking Math and 12 are taking Science. If 8 students are taking both Math and Science, what is the probability that a student selected at random is taking Science, given that the student is taking Math?

Why does it matter whether you draw with or without replacement when calculating probability?

Jim likes to day-trade on the Internet. On a good day, he averages a $1300 gain. On a bad day, he averages an $800 loss. Suppose that he has good days 20% of the time, bad days 40% of the time, and the rest of the time he breaks even. What is the expected value for one day of Jim’s day-trading hobby?

lab 3 q.png Order?