Answer:
He will forego 'job at a large well-established financial services company'
Explanation:
Pete's opportunity cost of 'joining band' is - 'job at huge financial service company'.
Opportunity cost is the cost of next best alternative foregone while choosing an alternative.
Eg: If I like rice & noodles, opportunity cost of eating rice is the other best option i.e noodles.
Similarly: Pete having 2 options of following Music or Finance; deciding to join band - has opportunity cost as the other option i.e 'job at huge financial service company'
<span>100 observations needed for desired accuracy and confidence.
The formula for the confidence of a sampling is:
ME = z*d/sqrt(n)
where
ME = Margin of error
z = z score for desired level of confidence
d = standard deviation
n = number of samples
The z score desired is calculated as follows. If you want a 95% confidence, you calculate 1 - 0.95 = 0.05, then you divide the result by 2, getting 0.025, and finally you use a standard normal table to get the z score for the desired probability. So for this problem of 95.44% we get
(1 - 0.9544)/2 = 0.0456/2 = 0.0228
Looking up a standard normal table, the value of 0.0228 is found to have a z-score of 2.0, a.k.a. 2 standard deviations from the normal.
So let's substitute the known values into the formula and solve for n.
ME = z*d/sqrt(n)
1 = 2*5/sqrt(n)
sqrt(n) = 2*5
sqrt(n) = 10
n = 100
So the owner needs at least 100 samples to be 95.44% certain that his measurement error is within 1 second of the correct time.</span>
Answer:
Timidity and lack of self initiative drive
Answer:
b. $0, -$10, $0
Explanation:
Sam is the producer, and he was getting $50 for moving Sofia's lawn. When the government imposes a tax of $10 on his activity, he now receives $60, but because $10 of those $60 is paid in taxes, his surplus remains the same: $50, so the change in the producer's surplus is $0.
Sofia is the consumer, and she was paying $50, but now she pays $60, thus, her consumer surplus has changed by -$10.
The sum of the change in consumer and producer surplus is $10 ($0 + $10), which is the same as the growth of government revenue from the taxes imposed: $10, therefore, the deadweight loss is $0.
Answer:
Representing the buyer's interests
Explanation:
Buyer's agents a person or a group which is hired to bid on a certain assets on behalf of the buyer. People usually use buyer's agent on expensive purchase such as properties, expensive antique, etc.
Buyer's agents are tied by an ethical code that they have to find the assets on the best price possible for the customers, without compromising the quality of the asset itself.