This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Define expected value. What will be an ideal response?[br][br][b][color=gray]Question ... (Read 70 times)

Arii_bell

  • Hero Member
  • *****
  • Posts: 596
on: Jun 29, 2018
Define expected value.
 
  What will be an ideal response?

Question 2

If all the assumptions of perfect competition hold, the result is an efficient, or Pareto optimal, allocation of resources. What is necessary to prove this?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

peter

  • Sr. Member
  • ****
  • Posts: 330
Reply #1 on: Jun 29, 2018
Answer to Question 1

The sum of the payoffs associated with each possible outcome of a situation weighted by its probability of occurring.

Answer to Question 2

To prove this statement, it is necessary to show that resources are allocated efficiently among firms, that final products are distributed efficiently among households, and that the system produces what people want.


Arii_bell

  • Member
  • Posts: 596
Reply 2 on: Jun 29, 2018
Wow, this really help

Joy Chen

  • Member
  • Posts: 354
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

Many of the drugs used by neuroscientists are derived from toxic plants and venomous animals (such as snakes, spiders, snails, and puffer fish).

How to solve an exponential growth problem involving bacterial growth (Question 2) How to solve an exponential growth problem involving bacterial growth (Question 2)
Electrophoresis Question Electrophoresis Question
Answer to Chem Question Answer to Chem Question
Question 37 Part 2 Question 37 Part 2
economic question economic question
economic question (having trouble) economic question (having trouble)
Video: Ear Virtual Tour Animation

For a complete list of videos, visit our video library