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 67 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
Great answer, keep it coming :)

tanna.moeller

  • Member
  • Posts: 328
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

The people with the highest levels of LDL are Mexican American males and non-Hispanic black females.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Phloem wound response. Phloem wound response.
A color-enhanced MRI image of the skull. A color-enhanced MRI image of the skull.
Color in Context Color in Context
Brown Eye Color Brown Eye Color
economic question economic question
Mathematics Question Mathematics Question
Video: hGH, Thyroid hormones & Aldosterone

For a complete list of videos, visit our video library