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 58 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
Thanks for the timely response, appreciate it

peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Several species of squirrels have melanistic phases. In large parts of United States and Canada, the Several species of squirrels have melanistic phases. In large parts of United States and Canada, the
Sexual Response Cycle Sexual Response Cycle
How to solve an exponential problem using a table of values (Question 2) How to solve an exponential problem using a table of values (Question 2)
How to solve rate problems leading to fractional equations (Question 3) How to solve rate problems leading to fractional equations (Question 3)
Immune Response to a Food Allergen Immune Response to a Food Allergen
economic question economic question
Video: Integumentary Anatomy

For a complete list of videos, visit our video library